Ovintiv (OVV) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Entity Registrant Name	Ovintiv Inc.
Entity Central Index Key	0001792580
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		260,324,464
Trading Symbol	OVV
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-39191
Entity Tax Identification Number	84-4427672
Entity Address, Address Line One	Suite 1700
Entity Address, Address Line Two	370 17th Street
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Country	US
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	623-2300
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Shares
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Product and service revenues	$ 2,178	$ 2,913	$ 6,758	$ 7,857
Gains (losses) on risk management, net	128	(282)	151	(193)
Sublease revenues	18	18	55	53
Total Revenues	2,324	2,649	6,964	7,717
Operating Expenses
Production, mineral and other taxes	86	89	258	249
Transportation and processing	408	433	1,240	1,340
Operating	235	243	715	624
Purchased product	392	846	1,165	2,239
Depreciation, depletion and amortization	599	486	1,745	1,269
Accretion of asset retirement obligation	5	5	14	14
Administrative	72	80	250	306
Total Operating Expenses	1,797	2,182	5,387	6,041
Operating Income (Loss)	527	467	1,577	1,676
Other (Income) Expenses
Interest	103	98	306	249
Foreign exchange (gain) loss, net	17	(22)	(21)	0
Other (gains) losses, net	(151)	(2)	(160)	(16)
Total Other (Income) Expenses	(31)	74	125	233
Net Earnings (Loss) Before Income Tax	558	393	1,452	1,443
Income tax expense (recovery)	51	(13)	267	214
Net Earnings (Loss)	$ 507	$ 406	$ 1,185	$ 1,229
Net Earnings (Loss) per Share of Common Stock
Basic	$ 1.93	$ 1.48	$ 4.45	$ 4.8
Diluted	$ 1.92	$ 1.47	$ 4.41	$ 4.73
Weighted Average Shares of Common Stock Outstanding (millions)
Basic	262.1	273.7	266	255.8
Diluted	264	276.3	268.7	259.7

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 507	$ 406	$ 1,185	$ 1,229
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment	44	(59)	(63)	(4)
Pension and other post-employment benefit plans	(1)	(2)	(4)	(5)
Other Comprehensive Income (Loss)	43	(61)	(67)	(9)
Comprehensive Income (Loss)	$ 550	$ 345	$ 1,118	$ 1,220

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 9	$ 3
Accounts receivable and accrued revenues (net of allowances of $5 million (2023: $5 million))	1,290	1,442
Risk management	144	214
Income tax receivable	64	17
Total Current Assets	1,507	1,676
Oil and natural gas properties, based on full cost accounting
Proved properties	66,246	64,084
Unproved properties	921	1,486
Other	913	907
Property, plant and equipment	68,080	66,477
Less: Accumulated depreciation, depletion and amortization	(53,263)	(51,837)
Property, plant and equipment, net	14,817	14,640
Other Assets	943	1,015
Risk Management	6	4
Deferred Income Taxes	0	53
Goodwill	2,586	2,599
Total Assets	19,859	19,987
Current Liabilities
Accounts payable and accrued liabilities	1,777	2,209
Current portion of operating lease liabilities	86	87
Income tax payable	4	232
Risk management	1	0
Current portion of long-term debt	1,024	284
Total Current Liabilities	2,892	2,812
Long-Term Debt	4,853	5,453
Operating Lease Liabilities	798	832
Other Liabilities and Provisions	156	132
Risk Management	3	2
Asset Retirement Obligation	263	276
Deferred Income Taxes	239	110
Total Liabilities	9,204	9,617
Commitments and Contingencies
Shareholders’ Equity
Share capital - authorized 775 million shares of stock 2024 issued and outstanding: 260.4 million shares (2023: 271.7 million shares)	3	3
Paid in surplus	8,025	8,620
Retained earnings	1,644	697
Accumulated other comprehensive income	983	1,050
Total Shareholders’ Equity	10,655	10,370
Total Liabilities and Shareholders' Equity	$ 19,859	$ 19,987

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) (unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowances for accounts receivable and accrued revenues	$ 5	$ 5
Share Capital, Authorized	775,000,000	775,000,000
Common Stock, Shares, Issued	260,400,000	271,700,000
Common Stock, Shares, Outstanding	260,400,000	271,700,000

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Millions	Total	Share Capital [Member]	Paid in Surplus [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
Balance, Beginning of Period at Dec. 31, 2022	$ 7,689	$ 3	$ 7,776	$ (1,081)	$ 991
Net Income (Loss)	1,229	0	0	1,229	0
Dividends on Shares of Common Stock	(225)	0	0	(225)	0
Shares of Common Stock Purchased	(373)	0	(373)	0	0
Shares of Common Stock Issued	1,169	0	1,169	0	0
Equity-Settled Compensation Costs	72	0	72	0	0
Other Comprehensive Income (Loss)	(9)	0	0	0	(9)
Balance, End of Period at Sep. 30, 2023	9,552	3	8,644	(77)	982
Balance, Beginning of Period at Dec. 31, 2022	7,689	3	7,776	(1,081)	991
Shares of Common Stock Purchased		0
Shares of Common Stock Issued		0
Balance, End of Period at Dec. 31, 2023	10,370	3	8,620	697	1,050
Balance, Beginning of Period at Jun. 30, 2023	9,316	3	8,671	(401)	1,043
Net Income (Loss)	406	0	0	406	0
Dividends on Shares of Common Stock	(82)	0	0	(82)	0
Shares of Common Stock Purchased	(45)	0	(45)	0	0
Equity-Settled Compensation Costs	18	0	18	0	0
Other Comprehensive Income (Loss)	(61)	0	0	0	(61)
Balance, End of Period at Sep. 30, 2023	9,552	3	8,644	(77)	982
Balance, Beginning of Period at Dec. 31, 2023	10,370	3	8,620	697	1,050
Net Income (Loss)	1,185	0	0	1,185	0
Dividends on Shares of Common Stock	(238)	0	0	(238)	0
Shares of Common Stock Purchased	(597)	0	(597)	0	0
Shares of Common Stock Issued		0
Equity-Settled Compensation Costs	2	0	2	0	0
Other Comprehensive Income (Loss)	(67)	0	0	0	(67)
Balance, End of Period at Sep. 30, 2024	10,655	3	8,025	1,644	983
Balance, Beginning of Period at Jun. 30, 2024	10,328	3	8,170	1,215	940
Net Income (Loss)	507	0	0	507	0
Dividends on Shares of Common Stock	(78)	0	0	(78)	0
Shares of Common Stock Purchased	(163)	0	(163)	0	0
Equity-Settled Compensation Costs	18	0	18	0	0
Other Comprehensive Income (Loss)	43	0	0	0	43
Balance, End of Period at Sep. 30, 2024	$ 10,655	$ 3	$ 8,025	$ 1,644	$ 983

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) (unaudited) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends on Shares of Common Stock, per share	$ 0.3	$ 0.3	$ 0.9	$ 0.85

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net earnings (loss)	$ 507	$ 406	$ 1,185	$ 1,229
Depreciation, depletion and amortization	599	486	1,745	1,269
Accretion of asset retirement obligation	5	5	14	14
Deferred income taxes	21	(78)	182	33
Unrealized (gain) loss on risk management	(31)	292	61	132
Unrealized foreign exchange (gain) loss	16	(19)	(12)	(14)
Foreign exchange (gain) loss on settlements	(2)	2	(9)	5
Other	(137)	18	(128)	(6)
Net change in other assets and liabilities	19	(14)	(35)	(31)
Net change in non-cash working capital	25	(192)	(302)	174
Cash From (Used in) Operating Activities	1,022	906	2,701	2,805
Investing Activities
Capital expenditures	(538)	(834)	(1,751)	(2,084)
Acquisitions	(7)	(59)	(202)	(273)
Corporate acquisition, net of cash acquired	0	0	12	(3,225)
Proceeds from divestitures	3	12	7	741
Net change in investments and other	26	27	16	116
Cash From (Used in) Investing Activities	(516)	(854)	(1,918)	(4,725)
Financing Activities
Net issuance (repayment) of revolving debt	(210)	29	140	316
Issuance of long-term debt	0	0	0	2,278
Purchase of shares of common stock	(163)	(45)	(597)	(373)
Dividends on shares of common stock	(78)	(82)	(238)	(225)
Finance lease payments and other	(2)	(3)	(32)	(75)
Cash From (Used in) Financing Activities	(453)	(101)	(727)	1,921
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents and Restricted Cash Held in Foreign Currency	(2)	0	0	(3)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	51	(49)	56	(2)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	8	52	3	5
Cash, Cash Equivalents and Restricted Cash, End of Period	59	3	59	3
Cash, End of Period	9	3	9	3
Cash Equivalents, End of Period	0	0	0	0
Restricted Cash, End of Period	$ 50	$ 0	$ 50	$ 0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 507	$ 406	$ 1,185	$ 1,229

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	1. Bas is of Presentation and Principles of Consolidation Ovintiv is in the business of the exploration for, the development of, and the production and marketing of oil, NGLs and natural gas. The interim Condensed Consolidated Financial Statements include the accounts of Ovintiv and entities in which it holds a controlling interest. All intercompany balances and transactions are eliminated on consolidation. Undivided interests in oil and natural gas exploration and production joint ventures and partnerships are consolidated on a proportionate basis. Investments in non-controlled entities over which the Company has the ability to exercise significant influence are accounted for using the equity method. The interim Condensed Consolidated Financial Statements are prepared in conformity with U.S. GAAP and the rules and regulations of the SEC. Pursuant to these rules and regulations, certain information and disclosures normally required under U.S. GAAP have been condensed or have been disclosed on an annual basis only. Accordingly, the interim Condensed Consolidated Financial Statements should be read in conjunction with the annual audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2023, which are included in Item 8 of Ovintiv’s 2023 Annual Report on Form 10‑K. The interim Condensed Consolidated Financial Statements have been prepared following the same accounting policies and methods of computation as the annual audited Consolidated Financial Statements for the year ended December 31, 2023. These unaudited interim Condensed Consolidated Financial Statements reflect, in the opinion of Management, all normal and recurring adjustments necessary to present fairly the financial position and results of the Company as at and for the periods presented. Interim condensed consolidated financial results are not necessarily indicative of consolidated financial results expected for the fiscal year.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements Changes in Accounting Policies and Practices On January 1, 2024 , Ovintiv adopted ASU 2023-07 “Improvements to Reportable Segment Disclosures”, issued by FASB. The amendments enhance annual disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker and included within reported measures of segment profit or loss. The amendments do not change how an entity identifies its operating segments. In addition, all annual disclosures are to be presented in all future interim periods beginning in the first quarter of 2025. The amendments will be applied retrospectively to all prior periods presented in the annual and interim disclosures and are not expected to have a material impact on the Company’s Consolidated Financial Statements. New Standards Issued Not Yet Adopted As of January 1, 2025, Ovintiv will be required to adopt ASU 2023-09 “Improvements to Income Tax Disclosures”. The standard requires disaggregated information about the Company’s effective tax rate reconciliation as well as information on income taxes paid. The amendment requires the tabular rate reconciliation to be presented using both percentages and amounts, with additional separate disclosure for any reconciling items within certain categories equal to or greater than five percent of net earnings or loss before income tax and the applicable statutory federal income tax rate. The amendment also requires the disaggregation of income taxes paid by federal, state, and foreign jurisdictions, as well as additional disaggregated information on income taxes paid to an individual jurisdiction equal to or greater than five percent of total income taxes paid. Amendments will be applied prospectively at the date of adoption and are not expected to have a material impact on the Company’s Consolidated Financial Statements.

Segmented Information

Segmented Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segmented Information	3. Segmented Information Ovintiv’s reportable segments are determined based on the following operations and geographic locations: • USA Operations includes the exploration for, development of, and production of oil, NGLs and natural gas and other related activities within the U.S. cost center. • Canadian Operations includes the exploration for, development of, and production of oil, NGLs and natural gas and other related activities within the Canadian cost center. • Market Optimization is primarily responsible for the sale of the Company’s proprietary production. These results are reported in the USA and Canadian Operations. Market optimization activities include third-party purchases and sales of product to provide operational flexibility and cost mitigation for transportation commitments, product type, delivery points and customer diversification. These activities are reflected in the Market Optimization segment. Market Optimization sells substantially all of the Company’s upstream production to third-party customers. Transactions between segments are based on market values and are eliminated on consolidation. Corporate and Other mainly includes unrealized gains or losses recorded on derivative financial instruments. Once the instruments are settled, the realized gains and losses are recorded in the reporting segment to which the derivative instruments relate. Corporate and Other also includes amounts related to sublease rentals. Results of Operations (For the three months ended September 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues Product and service revenues $ 1,377 $ 1,545 $ 393 $ 505 $ 408 $ 863 Gains (losses) on risk management, net 44 ( 3 ) 53 13 - - Sublease revenues - - - - - - Total Revenues 1,421 1,542 446 518 408 863 Operating Expenses Production, mineral and other taxes 82 84 4 5 - - Transportation and processing 129 124 270 265 9 44 Operating 193 208 36 28 6 7 Purchased product - - - - 392 846 Depreciation, depletion and amortization 516 409 77 72 - - Total Operating Expenses 920 825 387 370 407 897 Operating Income (Loss) $ 501 $ 717 $ 59 $ 148 $ 1 $ ( 34 ) Corporate & Other Consolidated 2024 2023 2024 2023 Revenues Product and service revenues $ - $ - $ 2,178 $ 2,913 Gains (losses) on risk management, net 31 ( 292 ) 128 ( 282 ) Sublease revenues 18 18 18 18 Total Revenues 49 ( 274 ) 2,324 2,649 Operating Expenses Production, mineral and other taxes - - 86 89 Transportation and processing - - 408 433 Operating - - 235 243 Purchased product - - 392 846 Depreciation, depletion and amortization 6 5 599 486 Accretion of asset retirement obligation 5 5 5 5 Administrative 72 80 72 80 Total Operating Expenses 83 90 1,797 2,182 Operating Income (Loss) $ ( 34 ) $ ( 364 ) 527 467 Other (Income) Expenses Interest 103 98 Foreign exchange (gain) loss, net 17 ( 22 ) Other (gains) losses, net ( 151 ) ( 2 ) Total Other (Income) Expenses ( 31 ) 74 Net Earnings (Loss) Before Income Tax 558 393 Income tax expense (recovery) 51 ( 13 ) Net Earnings (Loss) $ 507 $ 406 Results of Operations (For the nine months ended September 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues Product and service revenues $ 4,260 $ 3,912 $ 1,284 $ 1,663 $ 1,214 $ 2,282 Gains (losses) on risk management, net 99 4 113 ( 65 ) - - Sublease revenues - - - - - - Total Revenues 4,359 3,916 1,397 1,598 1,214 2,282 Operating Expenses Production, mineral and other taxes 247 237 11 12 - - Transportation and processing 382 419 781 800 77 121 Operating 609 545 87 59 19 20 Purchased product - - - - 1,165 2,239 Depreciation, depletion and amortization 1,503 1,039 225 215 - - Total Operating Expenses 2,741 2,240 1,104 1,086 1,261 2,380 Operating Income (Loss) $ 1,618 $ 1,676 $ 293 $ 512 $ ( 47 ) $ ( 98 ) Corporate & Other Consolidated 2024 2023 2024 2023 Revenues Product and service revenues $ - $ - $ 6,758 $ 7,857 Gains (losses) on risk management, net ( 61 ) ( 132 ) 151 ( 193 ) Sublease revenues 55 53 55 53 Total Revenues ( 6 ) ( 79 ) 6,964 7,717 Operating Expenses Production, mineral and other taxes - - 258 249 Transportation and processing - - 1,240 1,340 Operating - - 715 624 Purchased product - - 1,165 2,239 Depreciation, depletion and amortization 17 15 1,745 1,269 Accretion of asset retirement obligation 14 14 14 14 Administrative 250 306 250 306 Total Operating Expenses 281 335 5,387 6,041 Operating Income (Loss) $ ( 287 ) $ ( 414 ) 1,577 1,676 Other (Income) Expenses Interest 306 249 Foreign exchange (gain) loss, net ( 21 ) - Other (gains) losses, net ( 160 ) ( 16 ) Total Other (Income) Expenses 125 233 Net Earnings (Loss) Before Income Tax 1,452 1,443 Income tax expense (recovery) 267 214 Net Earnings (Loss) $ 1,185 $ 1,229 Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the three months ended September 30, 2024 2023 2024 2023 2024 2023 Revenues $ 2,272 $ 2,811 $ ( 1,864 ) $ ( 1,948 ) $ 408 $ 863 Operating Expenses Transportation and processing 138 183 ( 129 ) ( 139 ) 9 44 Operating 6 7 - - 6 7 Purchased product 2,127 2,655 ( 1,735 ) ( 1,809 ) 392 846 Operating Income (Loss) $ 1 $ ( 34 ) $ - $ - $ 1 $ ( 34 ) Market Optimization Marketing Sales Upstream Eliminations Total For the nine months ended September 30, 2024 2023 2024 2023 2024 2023 Revenues $ 7,163 $ 8,821 $ ( 5,949 ) $ ( 6,539 ) $ 1,214 $ 2,282 Operating Expenses Transportation and processing 464 528 ( 387 ) ( 407 ) 77 121 Operating 19 20 - - 19 20 Purchased product 6,727 8,371 ( 5,562 ) ( 6,132 ) 1,165 2,239 Operating Income (Loss) $ ( 47 ) $ ( 98 ) $ - $ - $ ( 47 ) $ ( 98 ) Capital Expenditures by Segment Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 USA Operations $ 457 $ 695 $ 1,418 $ 1,664 Canadian Operations 80 136 330 415 Corporate & Other 1 3 3 5 $ 538 $ 834 $ 1,751 $ 2,084 Goodwill, Property, Plant and Equipment and Total Assets by Segment Goodwill Property, Plant and Equipment Total Assets As at As at As at September 30, December 31, September 30, December 31, September 30, December 31, 2024 2023 2024 2023 2024 2023 USA Operations $ 1,938 $ 1,938 $ 13,232 $ 13,129 $ 15,992 $ 16,033 Canadian Operations 648 661 1,446 1,357 2,332 2,404 Market Optimization - - - - 197 232 Corporate & Other - - 139 154 1,338 1,318 $ 2,586 $ 2,599 $ 14,817 $ 14,640 $ 19,859 $ 19,987

Revenues from Contracts with Cu

Revenues from Contracts with Customers	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	4. Revenues from Contracts with Customers The following table summarizes Ovintiv’s revenues from contracts with customers. Revenues (For the three months ended September 30) USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ 1,135 $ 1,270 $ 3 $ 2 $ 385 $ 800 NGLs 180 175 249 260 5 - Natural gas 63 103 142 246 13 56 Service revenues Gathering and processing 1 1 2 - - - Product and Service Revenues $ 1,379 $ 1,549 $ 396 $ 508 $ 403 $ 856 Corporate & Other Consolidated 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ - $ - $ 1,523 $ 2,072 NGLs - - 434 435 Natural gas - - 218 405 Service revenues Gathering and processing - - 3 1 Product and Service Revenues $ - $ - $ 2,178 $ 2,913 (1) Includes revenues from production and revenues of product purchased from third parties, but excludes intercompany marketing fees transacted between the Company’s operating segments. Revenues (For the nine months ended September 30) USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ 3,508 $ 3,068 $ 8 $ 2 $ 1,095 $ 2,053 NGLs 544 508 754 743 16 25 Natural gas 215 344 527 924 85 185 Service revenues Gathering and processing 3 3 3 2 - - Product and Service Revenues $ 4,270 $ 3,923 $ 1,292 $ 1,671 $ 1,196 $ 2,263 Corporate & Other Consolidated 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ - $ - $ 4,611 $ 5,123 NGLs - - 1,314 1,276 Natural gas - - 827 1,453 Service revenues Gathering and processing - - 6 5 Product and Service Revenues $ - $ - $ 6,758 $ 7,857 (1) Includes revenues from production and revenues of product purchased from third parties, but excludes intercompany marketing fees transacted between the Company’s operating segments. The Company’s revenues from contracts with customers consists of product sales including oil, NGLs and natural gas, as well as the provision of gathering and processing services to third parties. Ovintiv had no contract asset or liability balances during the periods presented. As at September 30, 2024, receivables and accrued revenues from contracts with customers were $ 817 million ($ 1,070 million as at December 31, 2023). Ovintiv’s product sales are sold under short-term contracts with terms that are less than one year at either fixed or market index prices or under long-term contracts exceeding one year at market index prices. The Company’s gathering and processing services are provided on an interruptible basis with transaction prices that are for fixed prices and/or variable consideration. Variable consideration received is related to recovery of plant operating costs or escalation of the fixed price based on a consumer price index. As the service contracts are interruptible, with service provided on an “as available” basis, there are no unsatisfied performance obligations remaining at September 30, 2024. As at September 30, 2024, all remaining performance obligations are priced at market index prices or are variable volume delivery contracts. As such, the variable consideration is allocated entirely to the wholly unsatisfied performance obligation or promise to deliver units of production, and revenue is recognized at the amount for which the Company has the right to invoice the product delivered. As the period between when the product sales are transferred and Ovintiv receives payments is generally 30 to 60 days, there is no financing element associated with customer contracts. In addition, Ovintiv does not disclose unsatisfied performance obligations for customer contracts with terms less than 12 months or for variable consideration related to unsatisfied performance obligations.

Interest

Interest	9 Months Ended
	Sep. 30, 2024
Interest Expense, Operating and Nonoperating [Abstract]
Interest	5. Interest Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Interest Expense on: Debt $ 100 $ 105 $ 297 $ 242 Finance leases - - 1 1 Other 3 ( 7 ) 8 6 $ 103 $ 98 $ 306 $ 249

Foreign Exchange (Gain) Loss, N

Foreign Exchange (Gain) Loss, Net	9 Months Ended
	Sep. 30, 2024
Foreign Currency [Abstract]
Foreign Exchange (Gain) Loss, Net	6. Foreign Exchange (Gain) Loss, Net Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar risk management contracts issued from Canada $ - $ 6 $ 7 $ ( 9 ) Translation of intercompany notes 16 ( 25 ) ( 19 ) ( 5 ) 16 ( 19 ) ( 12 ) ( 14 ) Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada ( 2 ) - ( 1 ) ( 2 ) U.S. dollar risk management contracts issued from Canada - - 1 7 Intercompany notes - 2 ( 8 ) 7 Other Monetary Revaluations 3 ( 5 ) ( 1 ) 2 $ 17 $ ( 22 ) $ ( 21 ) $ -

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Current Tax United States $ 16 $ 3 $ 40 $ 11 Canada 14 62 45 170 Total Current Tax Expense (Recovery) 30 65 85 181 Deferred Tax United States ( 11 ) ( 56 ) 124 81 Canada 32 ( 22 ) 58 ( 48 ) Total Deferred Tax Expense (Recovery) 21 ( 78 ) 182 33 Income Tax Expense (Recovery) $ 51 $ ( 13 ) $ 267 $ 214 Effective Tax Rate 9.1 % ( 3.3 %) 18.4 % 14.8 % Ovintiv’s interim income tax expense is determined using the estimated annual effective income tax rate applied to year-to-date net earnings before income tax plus the effect of legislative changes and amounts in respect of prior periods. The estimated annual effective income tax rate is impacted by expected annual earnings, changes in valuation allowances, income tax related to foreign operations, state taxes, the effect of legislative changes, non-taxable items and tax differences on transactions, which can produce interim effective tax rate fluctuations. The effective tax rate of 9.1 percent and 18.4 percent for the three and nine months ended September 30, 2024, respectively, is lower than the U.S. federal statutory rate of 21 percent primarily due to changes related to prior year’s tax filings. The effective tax rate of ( 3.3 ) percent and 14.8 percent for the three and nine months ended September 30, 2023, respectively, was lower than the U.S. federal statutory rate of 21 percent primarily due to the recognition of U.S. federal and state research and development credits.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2024
Acquisitions And Divestitures [Abstract]
Acquisitions and Divestitures	8. Acquisitions and Divestitures Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Acquisitions USA Operations $ 2 $ 59 $ 197 $ 267 Canadian Operations 5 - 5 6 Total Acquisitions 7 59 202 273 Divestitures USA Operations ( 3 ) ( 11 ) ( 7 ) ( 741 ) Canadian Operations - ( 1 ) - - Total Divestitures ( 3 ) ( 12 ) ( 7 ) ( 741 ) Net Acquisitions & (Divestitures) $ 4 $ 47 $ 195 $ ( 468 ) Acquisitions For the nine months ended September 30, 2024, acquisitions in the USA Operations were $ 197 million which primarily included property purchases in Permian with oil and liquids-rich potential. For the three and nine months ended September 30, 2023, acquisitions in the USA Operations were $ 59 million and $ 267 million, respectively, which primarily included property purchases in Permian and Uinta with oil and liquids-rich potential. Divestitures For the nine months ended September 30, 2024, divestitures in the USA Operations were $ 7 million which primarily included the sale of certain properties that did not complement Ovintiv’s existing portfolio of assets. For the nine months ended September 30, 2023, divestitures in the USA Operations were $ 741 million which primarily included the sale of Bakken located in North Dakota for proceeds of approximately $ 717 million, after closing and other adjustments. Amounts received from the Company’s divestiture transactions have been deducted from the respective U.S. and Canadian full cost pools.

Business Combination

Business Combination	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Business Combination	9. Business Combination Acquisition of Midland Basin Assets (“Permian Acquisition”) On June 12, 2023, Ovintiv completed a business combination to purchase all of the outstanding equity interests in seven Delaware limited liability companies (“Permian LLCs”) pursuant to the purchase agreement with Black Swan Oil & Gas, LLC, PetroLegacy II Holdings, LLC, Piedra Energy III Holdings, LLC and Piedra Energy IV Holdings, LLC, which were portfolio companies of funds managed by EnCap Investments L.P. (“EnCap”). The Company paid aggregate cash consideration of approximately $ 3.2 billion and issued approximately 31.8 million shares of Ovintiv common stock, representing a value of approximately $ 1.2 billion. The cash portion of the consideration was funded through a combination of net proceeds from the Company’s May 2023 senior notes offering, net proceeds from the sale of Bakken during the second quarter of 2023, cash on hand and proceeds from short-term borrowings. During the period from June 12, 2023 to December 31, 2023, transaction costs of approximately $ 76 million were included in administrative expense. The acquisition was strategically located in close proximity to Ovintiv’s current Permian operations and added approximately 1,050 net well locations to Ovintiv’s Permian inventory and approximately 65,000 net acres. The results of operations from the acquired Permian assets have been included in Ovintiv’s consolidated financial statements since June 12, 2023. Purchase Price Allocation The Permian LLCs were accounted for under the acquisition method and as a single transaction because the purchase agreement was entered into at the same time with EnCap and in contemplation of one another to achieve an overall economic effect. The purchase price allocations represent the consideration paid and the fair values of the assets acquired, and liabilities assumed as of the acquisition date. The purchase price allocation was finalized during the first quarter of 2024. Purchase Price Allocation Consideration: Fair value of shares of Ovintiv common stock issued (1) $ 1,169 Consideration paid in cash (2) 3,229 Total Consideration $ 4,398 Assets Acquired: Cash and cash equivalents $ 16 Accounts receivable and accrued revenues (3) 202 Proved properties (3) 3,727 Unproved properties (3) 914 Other property, plant and equipment (3) 17 Liabilities Assumed: Accounts payable and accrued liabilities (3) ( 446 ) Asset retirement obligation ( 28 ) Other liabilities and provisions (3) ( 4 ) Total Purchase Price $ 4,398 (1) The fair value was based on the issuance of 31.8 million shares of common stock using the NYSE price of $ 36.78 on June 12, 2023. (2) Cash consideration paid includes final cash settlements of $ 12 million which were completed during the first quarter of 2024. (3) Since the completion of the business combination on June 12, 2023, additional information related to pre-acquisition assets and liabilities was obtained resulting in measurement period adjustments. Changes in the fair value estimates comprised an increase in accounts receivable and accrued revenues of $ 22 million, an increase in proved properties of $ 134 million, a decrease in unproved properties of $ 227 million, a decrease in other property, plant and equipment of $ 16 million, a decrease in accounts payable and accrued liabilities of $ 73 million and a decrease in other liabilities and provisions of $ 2 million. The Company used the income approach valuation technique for the fair value of assets acquired and liabilities assumed. The carrying amounts of cash, accounts receivable and accounts payable approximate their fair values due to their nature and/or short-term maturity of the instruments. The fair value of tubular inventory in other property, plant and equipment was based on the fair value approach, which utilized subsequent sales of inventory, asset listings and cost records with consideration for the relative age, condition, utilization and economic support of the inventory. The fair values of the proved properties, unproved properties and asset retirement obligation were categorized within Level 3 and were determined using relevant market assumptions, including discount rates, future commodity prices and costs, timing of development activities, projections of oil and gas reserves, and estimates to abandon and reclaim producing wells. Level 3 inputs require significant judgment and estimates to be made. For income tax purposes, the Permian Acquisition was treated as an asset purchase, and as a result, the tax basis in the assets and liabilities reflect their allocated fair value.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	10. Property, Plant and Equipment, Net As at September 30, 2024 As at December 31, 2023 Accumulated Accumulated Cost DD&A Net Cost DD&A Net USA Operations Proved properties $ 49,585 $ ( 37,302 ) $ 12,283 $ 47,440 $ ( 35,799 ) $ 11,641 Unproved properties 892 - 892 1,449 - 1,449 Other 57 - 57 39 - 39 50,534 ( 37,302 ) 13,232 48,928 ( 35,799 ) 13,129 Canadian Operations Proved properties 16,661 ( 15,249 ) 1,412 16,644 ( 15,332 ) 1,312 Unproved properties 29 - 29 37 - 37 Other 5 - 5 8 - 8 16,695 ( 15,249 ) 1,446 16,689 ( 15,332 ) 1,357 Market Optimization 7 ( 7 ) - 7 ( 7 ) - Corporate & Other 844 ( 705 ) 139 853 ( 699 ) 154 $ 68,080 $ ( 53,263 ) $ 14,817 $ 66,477 $ ( 51,837 ) $ 14,640 USA and Canadian Operations’ property, plant and equipment include internal costs directly related to exploration, development and construction activities of $ 141 million, which have been capitalized during the nine months ended September 30, 2024 (2023 - $ 118 million).

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	11. Leases The following table outlines Ovintiv’s estimated future sublease income as at September 30, 2024. All subleases are classified as operating leases. (undiscounted) 2024 2025 2026 2027 2028 Thereafter Total Sublease Income $ 13 $ 51 $ 51 $ 47 $ 41 $ 370 $ 573 For the three and nine months ended September 30, 2024, operating lease income was $ 13 million and $ 39 million, respectively (2023 - $ 13 million and $ 37 million, respectively), and variable lease income was $ 5 million and $ 16 million, respectively (2023 - $ 5 million and $ 16 million, respectively).

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	12. Long-Term Debt As at As at September 30, December 31, 2024 2023 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings $ 424 $ 284 U.S. Unsecured Notes: 5.65 % due May 15, 2025 600 600 5.375 % due January 1, 2026 459 459 5.65 % due May 15, 2028 700 700 8.125 % due September 15, 2030 300 300 7.20 % due November 1, 2031 350 350 7.375 % due November 1, 2031 500 500 6.25 % due July 15, 2033 600 600 6.50 % due August 15, 2034 599 599 6.625 % due August 15, 2037 390 390 6.50 % due February 1, 2038 430 430 5.15 % due November 15, 2041 148 148 7.10 % due July 15, 2053 400 400 Total Principal 5,900 5,760 Increase in Value of Debt Acquired 18 22 Unamortized Debt Discounts and Issuance Costs ( 41 ) ( 45 ) Total Long-Term Debt $ 5,877 $ 5,737 Current Portion $ 1,024 $ 284 Long-Term Portion 4,853 5,453 $ 5,877 $ 5,737 On May 31, 2023, Ovintiv completed a public offering of senior unsecured notes of $ 600 million with a coupon rate of 5.65 percent due May 15, 2025 , $ 700 million with a coupon rate of 5.65 percent due May 15, 2028 , $ 600 million with a coupon rate of 6.25 percent due July 15, 2033 , and $ 400 million with a coupon rate of 7.10 percent due July 15, 2053 . The net proceeds of the offering, totaling $ 2,278 million, were used to fund a portion of the Company’s Permian Acquisition. See Note 9 for further information on the business combination. As at September 30, 2024, the Company had outstanding commercial paper of $ 324 million maturing at various dates with a weighted average interest rate of approximately 5.67 percent. As at September 30, 2024, the Company also had $ 100 million drawn on its revolving credit facilities. The credit facilities are unsecured and bear interest at the lenders’ U.S. base rate, Canadian prime, Bankers’ Acceptances, SOFR or CORRA, plus applicable margins. As at September 30, 2024, total long-term debt had a carrying value of $ 5,877 million and a fair value of $ 6,259 million (as at December 31, 2023 - carrying value of $ 5,737 million and a fair value of $ 5,989 million). The estimated fair value of long-term borrowings is categorized within Level 2 of the fair value hierarchy and has been determined based on market information of long-term debt with similar terms and maturity, or by discounting future payments of interest and principal at interest rates expected to be available to the Company at period end.

Other Liabilities and Provision

Other Liabilities and Provisions	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
Other Liabilities and Provisions	13. Other Liabilities and Provisions As at As at September 30, December 31, 2024 2023 Finance Lease Obligations $ 14 $ 20 Unrecognized Tax Benefits 51 16 Pensions and Other Post-Employment Benefits 79 74 Other 12 22 $ 156 $ 132

Share Capital

Share Capital	9 Months Ended
	Sep. 30, 2024
Class of Stock Disclosures [Abstract]
Share Capital	14. Share Capital Authorized Ovintiv is authorized to issue 750 million shares of common stock, par value $ 0.01 per share, and 25 million shares of preferred stock, par value $ 0.01 per share. No shares of preferred stock are outstanding. Issued and Outstanding As at As at September 30, 2024 December 31, 2023 Number Number (millions) Amount (millions) Amount Shares of Common Stock Outstanding, Beginning of Year 271.7 $ 3 245.7 $ 3 Shares of Common Stock Purchased ( 12.7 ) - ( 9.9 ) - Shares of Common Stock Issued 1.4 - 35.9 - Shares of Common Stock Outstanding, End of Period 260.4 $ 3 271.7 $ 3 On June 12, 2023, in accordance with the terms of the Permian Acquisition agreement, Ovintiv issued approximately 31.8 million shares of common stock as a component of the consideration paid to EnCap as discussed in Note 9. In conjunction with the share issuance, the Company recognized share capital of $ 318 thousand and paid in surplus of $ 1,169 million. Ovintiv’s Performance Share Units (“PSU”) and Restricted Share Units (“RSU”) stock-based compensation plans allow the Company to settle the awards either in cash or in the Company’s common stock. Accordingly, Ovintiv issued 1.4 million shares of common stock during the nine months ended September 30, 2024 ( 4.1 million shares of common stock during the twelve months ended December 31, 2023), as certain PSU and RSU grants vested during the period. Normal Course Issuer Bid and Other Share Buybacks On September 26, 2024, the Company announced it had received regulatory approval for the renewal of its NCIB program, which enables the Company to purchase, for cancellation or return to treasury, up to approximately 25.9 million shares of common stock over a 12-month period from October 3, 2024 to October 2, 2025. During the three and nine months ended September 30, 2024, the Company purchased approximately 3.7 million shares and 12.7 million shares, respectively, for total consideration of approximately $ 163 million and $ 597 million, respectively. Of the amounts paid during the same three and nine month periods, $ 37 thousand and $ 127 thousand, respectively, were charged to share capital and $ 163 million and $ 597 million, respectively, were charged to paid in surplus. During the three and nine months ended September 30, 2023, the Company purchased one million shares and approximately 8.7 million shares, respectively, for total consideration of approximately $ 45 million and $ 373 million, respectively. Of the amounts paid during the same three and nine month periods, $ 10 thousand and $ 87 thousand, respectively, were charged to share capital and $ 45 million and $ 373 million, respectively, were charged to paid in surplus. For the twelve months ended December 31, 2023, the Company purchased approximately 9.9 million shares for total consideration of approximately $ 426 million, of which $ 99 thousand was charged to share capital and $ 426 million was charged to paid in surplus. All NCIB purchases were made in accordance with their respective programs at prevailing market prices plus brokerage fees, with consideration allocated to share capital up to the par value of the shares, with any excess allocated to paid in surplus. Dividends During the three months ended September 30, 2024, the Company declared and paid dividends of $ 0.30 per share of common stock totaling $ 78 million (2023 - $ 0.30 per share of common stock totaling $ 82 million). During the nine months ended September 30, 2024, the Company declared and paid dividends of $ 0.90 per share of common stock totaling $ 238 million (2023 - $ 0.85 per share of common stock totaling $ 225 million). On November 7, 2024 , the Board of Directors declared a dividend of $ 0.30 per share of common stock payable on December 31, 2024 , to shareholders of record as of December 13, 2024 . Earnings Per Share of Common Stock The following table presents the calculation of net earnings (loss) per share of common stock: Three Months Ended Nine Months Ended September 30, September 30, (US$ millions, except per share amounts) 2024 2023 2024 2023 Net Earnings (Loss) $ 507 $ 406 $ 1,185 $ 1,229 Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 262.1 273.7 266.0 255.8 Effect of dilutive securities 1.9 2.6 2.7 3.9 Weighted Average Shares of Common Stock Outstanding - Diluted 264.0 276.3 268.7 259.7 Net Earnings (Loss) per Share of Common Stock Basic $ 1.93 $ 1.48 $ 4.45 $ 4.80 Diluted 1.92 1.47 4.41 4.73 Stock-Based Compensation Plans Shares issued as a result of awards granted from stock-based compensation plans are funded out of the common stock authorized for issuance as approved by the Company’s shareholders. As at September 30, 2024, there were no changes to Ovintiv’s compensation plans and the Company has sufficient common stock held in reserve for issuance in accordance with its equity-settled stock-based compensation plans.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	15. Accumulated Other Comprehensive Income Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Foreign Currency Translation Adjustment Balance, Beginning of Period $ 893 $ 992 $ 1,000 $ 937 Change in Foreign Currency Translation Adjustment 44 ( 59 ) ( 63 ) ( 4 ) Balance, End of Period $ 937 $ 933 $ 937 $ 933 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Period $ 47 $ 51 $ 50 $ 54 Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings ( 2 ) ( 2 ) ( 5 ) ( 6 ) Income taxes 1 - 1 1 Balance, End of Period $ 46 $ 49 $ 46 $ 49 Total Accumulated Other Comprehensive Income $ 983 $ 982 $ 983 $ 982

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2024
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Variable Interest Entities	16. Variable Interest Entities Veresen Midstream Limited Partnership Veresen Midstream Limited Partnership (“VMLP”) provides gathering, compression and processing services under various agreements related to the Company’s development of liquids and natural gas production in the Montney play. As at September 30, 2024, VMLP provides approximately 1,153 MMcf/d of natural gas gathering and compression and 913 MMcf/d of natural gas processing under long-term service agreements with remaining terms ranging from seven to 21 years and have various renewal terms providing up to a potential maximum of 10 years. Ovintiv has determined that VMLP is a variable interest entity and that Ovintiv holds variable interests in VMLP. Ovintiv is not the primary beneficiary as the Company does not have the power to direct the activities that most significantly impact VMLP’s economic performance. These key activities relate to the construction, operation, maintenance and marketing of the assets owned by VMLP. The variable interests arise from certain terms under the various long-term service agreements and include: i) a take or pay for volumes in certain agreements; ii) an operating fee of which a portion can be converted into a fixed fee once VMLP assumes operatorship of certain assets; and iii) a potential payout of minimum costs in certain agreements. The potential payout of minimum costs will be assessed in the eighth year of the assets’ service period and is based on whether there is an overall shortfall of total system cash flows from natural gas gathered and compressed under certain agreements. The potential payout amount can be reduced in the event VMLP markets unutilized capacity to third-party users. Ovintiv is not required to provide any financial support or guarantees to VMLP. As a result of Ovintiv’s involvement with VMLP, the maximum total exposure to loss related to the commitments under the agreements is estimated to be $ 1,063 million as at September 30, 2024. The estimate comprises the take or pay volume commitments and the potential payout of minimum costs. The take or pay volume commitments associated with certain gathering and processing assets are included in Note 21 under Transportation and Processing. The potential payout requirement is highly uncertain as the amount is contingent on future production estimates, pace of development and downstream transportation constraints. As at September 30, 2024, accounts payable and accrued liabilities included $ 0.3 million related to the take or pay commitment.

Compensation Plans

Compensation Plans	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Compensation Plans	17. Compensation Plans As at September 30, 2024, there were no changes to Ovintiv’s compensation plans and the Company has sufficient common stock held in reserve for issuance in accordance with its equity-settled stock-based compensation plans. The Company has recognized the following share-based compensation costs: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Total Compensation Costs of Transactions Classified as Cash-Settled $ ( 4 ) $ 3 $ ( 2 ) $ ( 21 ) Total Compensation Costs of Transactions Classified as Equity-Settled 23 22 71 67 Less: Total Share-Based Compensation Costs Capitalized ( 7 ) ( 7 ) ( 21 ) ( 20 ) Total Share-Based Compensation Expense (Recovery) $ 12 $ 18 $ 48 $ 26 Recognized in the Condensed Consolidated Statement of Earnings in: Operating $ 7 $ 6 $ 20 $ 17 Administrative 5 12 28 9 $ 12 $ 18 $ 48 $ 26 As at September 30, 2024, the liability for cash-settled share-based payment transactions totaled $ 10 million ($ 14 million as at December 31, 2023), which is recognized in accounts payable and accrued liabilities. The following weighted average assumptions were used to determine the fair value of SAR and TSAR units outstanding: As at September 30, 2024 As at September 30, 2023 US$ SAR C$ TSAR US$ SAR C$ TSAR Share Units Share Units Share Units Share Units Risk Free Interest Rate 3.01 % 3.01 % 4.87 % 4.87 % Dividend Yield 3.13 % 3.15 % 2.52 % 2.50 % Expected Volatility Rate (1) 47.74 % 44.43 % 54.82 % 51.21 % Expected Term 1.1 yrs 1.1 yrs 1.2 yrs 1.1 yrs Market Share Price US$ 38.31 C$ 51.84 US$ 47.57 C$ 64.59 Weighted Average Grant Date Fair Value US$ 40.91 C$ 54.84 US$ 44.89 C$ 62.45 (1) Volatility was estimated using historical rates. The following units were granted primarily in conjunction with the Company’s annual grant of long-term incentive awards. The PSUs and RSUs were granted at the volume-weighted average trading price of shares of Ovintiv common stock for the five days prior to the grant date. Nine Months Ended September 30, 2024 (thousands of units) RSUs 1,521 PSUs 593 DSUs 9

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	18. Fair Value Measurements The fair values of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities approximate their carrying amounts due to the short-term maturity of those instruments. The fair values of restricted cash and marketable securities included in other assets approximate their carrying amounts due to the nature of the instruments held. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts, as discussed further in Note 19. These items are carried at fair value in the Condensed Consolidated Balance Sheet and are classified within the three levels of the fair value hierarchy in the following tables. Fair value changes and settlements for amounts related to risk management assets and liabilities are recognized in revenues and foreign exchange gains and losses according to their purpose. As at September 30, 2024 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ - $ 142 $ - $ 142 $ - $ 142 Long-term assets - 9 - 9 ( 3 ) 6 Foreign Currency Derivatives: Current assets - 2 - 2 - 2 Risk Management Liabilities Commodity Derivatives: Current liabilities $ 1 $ - $ - $ 1 $ - $ 1 Long-term liabilities - 6 - 6 ( 3 ) 3 As at December 31, 2023 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ - $ 188 $ 16 $ 204 $ ( 1 ) $ 203 Long-term assets - 5 - 5 ( 1 ) 4 Foreign Currency Derivatives: Current assets - 11 - 11 - 11 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 1 $ - $ 1 $ ( 1 ) $ - Long-term liabilities - 3 - 3 ( 1 ) 2 Other Derivative Contracts (2) Current in accounts payable and accrued liabilities $ - $ 4 $ - $ 4 $ - $ 4 (1) Netting to offset derivative assets and liabilities where the legal right and intention to offset exists, or where counterparty master netting arrangements contain provisions for net settlement. (2) Includes credit derivatives associated with certain prior years’ divestitures. The Company’s Level 1 and Level 2 risk management assets and liabilities consist of commodity fixed price contracts, NYMEX three-way options, NYMEX costless collars, WTI three-way options, foreign currency swaps and basis swaps with terms to 2025. The Company uses discounted cash flow and option-pricing models for fair valuing commodity derivatives. The fair value models use inputs such as contracted notional volumes, market future prices, maturities, credit adjusted risk free rates, and market-based implied volatility factors. The fair values of these contracts are estimated using inputs which are either directly or indirectly observable from active markets, such as exchange and other published prices, broker quotes and observable trading activity throughout the term of the instruments. During the three months ended September 30, 2024, the Company transferred all remaining WTI three-way options from Level 3 into Level 2 as a result of the availability of more observable inputs, such as volatility and comparable contract terms, from independent active markets. The three-way options are a combination of a sold call, a bought put and a sold put. These contracts allow the Company to participate in the upside of commodity prices to the ceiling of the call option and provide the Company with partial (three-way) downside price protection through the put options. Level 3 Fair Value Measurements A summary of changes in Level 3 fair value measurements for risk management positions is presented below: Nine Months Ended September 30, 2024 2023 Balance, Beginning of Year $ 16 $ 12 Total Gains (Losses) 14 ( 122 ) Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances - - Settlements 9 2 Transfers Out of Level 3 (1) ( 39 ) - Balance, End of Period $ - $ ( 108 ) Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss) $ 23 $ ( 120 ) (1) During the nine months ended September 30, 2024, the Company transferred all remaining WTI three-way options from Level 3 into Level 2 as a result of the availability of more observable inputs, such as volatility and comparable contract terms, from independent active markets.

Financial Instruments and Risk

Financial Instruments and Risk Management	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Risk Management	19. Financial Instruments and Risk Management A) Financial Instruments Ovintiv’s financial assets and liabilities are recognized in cash and cash equivalents, accounts receivable and accrued revenues, other assets, accounts payable and accrued liabilities, risk management assets and liabilities, long-term debt, and other liabilities and provisions. B) Risk Management Activities Ovintiv uses derivative financial instruments to manage its exposure to fluctuating commodity prices and foreign currency exchange rates. The Company does not apply hedge accounting to any of its derivative financial instruments. As a result, gains and losses from changes in the fair value are recognized in net earnings (loss). Commodity Price Risk Commodity price risk arises from the effect that fluctuations in future commodity prices may have on revenues from production. To partially mitigate exposure to commodity price risk, the Company has entered into various derivative financial instruments. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. Oil and NGLs - To partially mitigate oil and NGL commodity price risk, the Company uses WTI- and NGL-based contracts such as fixed price contracts and options. Ovintiv has also entered into basis swaps to manage against widening price differentials between various production areas, products and price points. Natural Gas - To partially mitigate natural gas commodity price risk, the Company uses NYMEX-based contracts such as fixed price contracts, options and costless collars. Ovintiv has also entered into basis swaps to manage against widening price differentials between various production areas and benchmark price points. Foreign Exchange Risk Foreign exchange risk arises from changes in foreign currency exchange rates that may affect the fair value or future cash flows from the Company’s financial assets or liabilities. To partially mitigate the effect of foreign exchange fluctuations on future commodity revenues and expenses, the Company may enter into foreign currency derivative contracts. As at September 30, 2024, the Company has enter ed into $ 118 million notional U.S. dollar denominated currency swaps at an average exchange rate of C$ 1.3697 to US$1, which mature monthly through the remainder of 2024, and $ 25 million notional U.S. dollar denominated currency swaps at an average exchange rate of C$ 1.3800 to US$1, which mature monthly throughout the first half of 2025. Risk Management Positions as at September 30, 2024 Notional Volumes Term Average Price Fair Value Oil and NGL Contracts US$/bbl Fixed Price Contracts Ethane Fixed Price 5.0 Mbbls/d 2024 10.28 $ - WTI Three-Way Options Sold call / bought put / sold put 50.0 Mbbls/d 2024 84.35 / 65.00 / 50.00 5 Sold call / bought put / sold put 37.4 Mbbls/d 2025 83.96 / 65.00 / 50.00 34 Basis Contracts (1) 2024 ( 1 ) Oil and NGLs Fair Value Position 38 Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 200 MMcf/d 2024 3.62 12 NYMEX Three-Way Options Sold call / bought put / sold put 200 MMcf/d 2024 4.58 / 3.00 / 2.25 4 Sold call / bought put / sold put 500 MMcf/d 2025 4.54 / 3.00 / 2.25 4 NYMEX Costless Collars Sold call / bought put 400 MMcf/d 2024 5.57 / 3.00 9 Basis Contracts (2) 2024 22 2025 55 Natural Gas Fair Value Position 106 Foreign Currency Contracts Fair Value Position (3) 2024 - 2025 2 Total Fair Value Position $ 146 (1) Ovintiv has entered into oil differential swaps associated with Canadian condensate and WTI. (2) Ovintiv has entered into natural gas basis swaps associated with AECO, Waha and NYMEX. (3) Ovintiv has entered into U.S. dollar denominated fixed-for-floating average currency swaps to protect against fluctuations between the Canadian and U.S. dollars. Earnings Impact of Realized and Unrealized Gains (Losses) on Risk Management Positions Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ 97 $ 10 $ 212 $ ( 61 ) Foreign Currency Derivatives: Foreign exchange - - ( 1 ) ( 7 ) Interest Rate Derivatives: Interest Rate (2) - - - 1 $ 97 $ 10 $ 211 $ ( 67 ) Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (3) $ 31 $ ( 292 ) $ ( 61 ) $ ( 132 ) Foreign Currency Derivatives: Foreign exchange 1 ( 6 ) ( 9 ) 9 $ 32 $ ( 298 ) $ ( 70 ) $ ( 123 ) Total Realized and Unrealized Gains (Losses) on Risk Management , net Commodity and Other Derivatives: Revenues (1) (3) $ 128 $ ( 282 ) $ 151 $ ( 193 ) Foreign Currency Derivatives : Foreign exchange 1 ( 6 ) ( 10 ) 2 Interest Rate Derivatives: Interest Rate (2) - - - 1 $ 129 $ ( 288 ) $ 141 $ ( 190 ) (1) Includes a realized gain of nil and $ 4 million for the three and nine months ended September 30, 2024, respectively (2023 - gain of $ 1 million, respectively), related to other derivative contracts. (2) The interest rate swap was executed and settled during the nine months ended September 30, 2023, in relation to the senior notes issuance described in Note 12. The gain was recognized in interest expense. (3) There were no unrealized gains or losses related to other derivative contracts for the three or nine months ended September 30, 2024 or 2023. Reconciliation of Unrealized Risk Management Positions from January 1 to September 30 2024 2023 Fair Value Total Total Fair Value of Contracts, Beginning of Year $ 212 Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Period 141 $ 141 $ ( 190 ) Settlement of Other Derivative Contracts 4 Fair Value of Contracts Realized During the Period ( 211 ) ( 211 ) 67 Fair Value of Contracts, End of Period $ 146 $ ( 70 ) $ ( 123 ) Risk management assets and liabilities arise from the use of derivative financial instruments and are measured at fair value. See Note 18 for a discussion of fair value measurements. Unrealized Risk Management Positions As at As at September 30, December 31, 2024 2023 Risk Management Assets Current $ 144 $ 214 Long-term 6 4 150 218 Risk Management Liabilities Current 1 - Long-term 3 2 4 2 Other Derivative Contract Liabilities Current in accounts payable and accrued liabilities - 4 - 4 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ 146 $ 212 C) Credit Risk Credit risk arises from the potential that the Company may incur a loss if a counterparty to a financial instrument fails to meet its obligation in accordance with agreed terms. While exchange-traded contracts are subject to nominal credit risk due to the financial safeguards established by the exchanges and clearing agencies, over-the-counter traded contracts expose Ovintiv to counterparty credit risk. Counterparties to the Company’s derivative financial instruments consist primarily of major financial institutions and companies within the energy industry. This credit risk exposure is mitigated through the use of credit policies approved by the Board of Directors governing the Company’s credit portfolio including credit practices that limit transactions according to counterparties’ credit quality. Mitigation strategies may include master netting arrangements, requesting collateral, purchasing credit insurance and/or transacting credit derivatives. The Company executes commodity derivative financial instruments under master agreements that have netting provisions that provide for offsetting payables against receivables. Ovintiv actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. As at September 30, 2024, Ovintiv’s maximum exposure of loss due to credit risk from derivative financial instrument assets on a gross and net fair value basis was $ 153 million and $ 150 million, respectively, as disclosed in Note 18. The Company had no significant credit derivatives in place and held no collateral at September 30, 2024. Any cash equivalents include high-grade, short-term securities, placed primarily with financial institutions with investment grade ratings. Any foreign currency agreements entered into are with major financial institutions that have investment grade credit ratings. A substantial portion of the Company’s accounts receivable are with customers and working interest owners in the oil and gas industry and are subject to normal industry credit risks. As at September 30, 2024, approximately 93 percent ( 91 percent as at December 31, 2023) of Ovintiv’s accounts receivable and financial derivative credit exposures were with investment grade counterparties. During 2015 and 2017, the Company entered into agreements resulting from divestitures, which required Ovintiv to fulfill certain payment obligations on the take or pay volume commitments assumed by the purchasers. The circumstances that would require Ovintiv to perform under the agreements included events where a purchaser failed to make payment to the guaranteed party and/or a purchaser was subject to an insolvency event. The agreements had a fair value of $ 4 million as at December 31, 2023 and expired in June 2024 .

Supplementary Information

Supplementary Information	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplementary Information	20. Supplementary Information Supplemental disclosures to the Condensed Consolidated Statement of Cash Flows are presented below: A) Net Change in Non-Cash Working Capital Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Operating Activities Accounts receivable and accrued revenues $ 68 $ ( 251 ) $ 303 $ 268 Accounts payable and accrued liabilities ( 64 ) 2 ( 365 ) ( 288 ) Current portion of operating lease liabilities 2 ( 5 ) ( 1 ) 4 Income tax receivable and payable 19 62 ( 239 ) 190 $ 25 $ ( 192 ) $ ( 302 ) $ 174 B) Non-Cash Activities Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Non-Cash Operating Activities ROU operating lease assets and liabilities $ ( 7 ) $ ( 4 ) $ ( 40 ) $ ( 73 ) Non-Cash Investing Activities Property, plant and equipment accruals $ ( 23 ) $ 93 $ ( 25 ) $ 185 Capitalized long-term incentives - - ( 7 ) ( 2 ) Property additions/dispositions, including swaps 5 3 36 25 Non-Cash Financing Activities Common shares issued in conjunction with the Permian Acquisition (See Note 9) $ - $ - $ - $ ( 1,169 )

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	21. Commitments and Contingencies Commitments The following table outlines the Company’s commitments as at September 30, 2024: Expected Future Payments (undiscounted) 2024 2025 2026 2027 2028 Thereafter Total Transportation and Processing $ 170 $ 679 $ 606 $ 506 $ 451 $ 2,176 $ 4,588 Drilling and Field Services 87 201 9 - - - 297 Building Leases & Other Commitments 4 13 7 6 6 15 51 Total $ 261 $ 893 $ 622 $ 512 $ 457 $ 2,191 $ 4,936 Operating leases with terms greater than one year are not included in the commitments table above. The table above includes short-term leases with contract terms less than 12 months, such as drilling rigs and field office leases, as well as non-lease operating cost components associated with building leases. Included within transportation and processing in the table above are certain commitments associated with midstream service agreements with VMLP as described in Note 16. Divestiture transactions can reduce certain commitments disclosed above. Contingencies Ovintiv is involved in various legal claims and actions arising in the normal course of the Company’s operations. Although the outcome of these claims cannot be predicted with certainty, the Company does not expect these matters to have a material adverse effect on Ovintiv’s financial position, cash flows or results of operations. Management’s assessment of these matters may change in the future as these matters are subject to a number of uncertainties. For any material matters that the Company believes an unfavorable outcome is reasonably possible, the Company discloses the nature and a range of potential exposures, if reasonably estimable. If an unfavorable outcome were to occur, there exists the possibility of a material impact on the Company’s consolidated net earnings or loss for the period in which the effect becomes reasonably estimable. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. Such accruals are based on the Company’s information known about the matters, estimates of the outcomes of such matters and experience in handling similar matters. During the second quarter of 2024, Ovintiv resolved a dispute related to the previous disposition of certain legacy assets for approximately $ 150 million. On September 30, 2024, the Company received $ 50 million of the settlement proceeds in escrow as restricted cash and Ovintiv expects to receive the remaining $ 100 million of the proceeds by the end of the year. Accordingly, the total net proceeds of $ 150 million has been recognized as a gain within Other (gains) losses, net in the Company’s Consolidated Statement of Earnings for the three and nine months ended September 30, 2024, and both settlement proceeds are recorded within Accounts receivable and accrued revenues in the Company’s Consolidated Balance Sheet as at the quarter end. Ovintiv recognizes contingent gains in its Consolidated Financial Statements when the gain is realized or considered realizable.

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Ovintiv is in the business of the exploration for, the development of, and the production and marketing of oil, NGLs and natural gas. The interim Condensed Consolidated Financial Statements include the accounts of Ovintiv and entities in which it holds a controlling interest. All intercompany balances and transactions are eliminated on consolidation. Undivided interests in oil and natural gas exploration and production joint ventures and partnerships are consolidated on a proportionate basis. Investments in non-controlled entities over which the Company has the ability to exercise significant influence are accounted for using the equity method. The interim Condensed Consolidated Financial Statements are prepared in conformity with U.S. GAAP and the rules and regulations of the SEC. Pursuant to these rules and regulations, certain information and disclosures normally required under U.S. GAAP have been condensed or have been disclosed on an annual basis only. Accordingly, the interim Condensed Consolidated Financial Statements should be read in conjunction with the annual audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2023, which are included in Item 8 of Ovintiv’s 2023 Annual Report on Form 10‑K. The interim Condensed Consolidated Financial Statements have been prepared following the same accounting policies and methods of computation as the annual audited Consolidated Financial Statements for the year ended December 31, 2023. These unaudited interim Condensed Consolidated Financial Statements reflect, in the opinion of Management, all normal and recurring adjustments necessary to present fairly the financial position and results of the Company as at and for the periods presented. Interim condensed consolidated financial results are not necessarily indicative of consolidated financial results expected for the fiscal year.
Changes in Accounting Policies and Practices and New Standards Issued Not Yet Adopted	Changes in Accounting Policies and Practices On January 1, 2024 , Ovintiv adopted ASU 2023-07 “Improvements to Reportable Segment Disclosures”, issued by FASB. The amendments enhance annual disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker and included within reported measures of segment profit or loss. The amendments do not change how an entity identifies its operating segments. In addition, all annual disclosures are to be presented in all future interim periods beginning in the first quarter of 2025. The amendments will be applied retrospectively to all prior periods presented in the annual and interim disclosures and are not expected to have a material impact on the Company’s Consolidated Financial Statements. New Standards Issued Not Yet Adopted As of January 1, 2025, Ovintiv will be required to adopt ASU 2023-09 “Improvements to Income Tax Disclosures”. The standard requires disaggregated information about the Company’s effective tax rate reconciliation as well as information on income taxes paid. The amendment requires the tabular rate reconciliation to be presented using both percentages and amounts, with additional separate disclosure for any reconciling items within certain categories equal to or greater than five percent of net earnings or loss before income tax and the applicable statutory federal income tax rate. The amendment also requires the disaggregation of income taxes paid by federal, state, and foreign jurisdictions, as well as additional disaggregated information on income taxes paid to an individual jurisdiction equal to or greater than five percent of total income taxes paid. Amendments will be applied prospectively at the date of adoption and are not expected to have a material impact on the Company’s Consolidated Financial Statements.

Segmented Information (Tables)

Segmented Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment and Geographic Information	Results of Operations (For the three months ended September 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues Product and service revenues $ 1,377 $ 1,545 $ 393 $ 505 $ 408 $ 863 Gains (losses) on risk management, net 44 ( 3 ) 53 13 - - Sublease revenues - - - - - - Total Revenues 1,421 1,542 446 518 408 863 Operating Expenses Production, mineral and other taxes 82 84 4 5 - - Transportation and processing 129 124 270 265 9 44 Operating 193 208 36 28 6 7 Purchased product - - - - 392 846 Depreciation, depletion and amortization 516 409 77 72 - - Total Operating Expenses 920 825 387 370 407 897 Operating Income (Loss) $ 501 $ 717 $ 59 $ 148 $ 1 $ ( 34 ) Corporate & Other Consolidated 2024 2023 2024 2023 Revenues Product and service revenues $ - $ - $ 2,178 $ 2,913 Gains (losses) on risk management, net 31 ( 292 ) 128 ( 282 ) Sublease revenues 18 18 18 18 Total Revenues 49 ( 274 ) 2,324 2,649 Operating Expenses Production, mineral and other taxes - - 86 89 Transportation and processing - - 408 433 Operating - - 235 243 Purchased product - - 392 846 Depreciation, depletion and amortization 6 5 599 486 Accretion of asset retirement obligation 5 5 5 5 Administrative 72 80 72 80 Total Operating Expenses 83 90 1,797 2,182 Operating Income (Loss) $ ( 34 ) $ ( 364 ) 527 467 Other (Income) Expenses Interest 103 98 Foreign exchange (gain) loss, net 17 ( 22 ) Other (gains) losses, net ( 151 ) ( 2 ) Total Other (Income) Expenses ( 31 ) 74 Net Earnings (Loss) Before Income Tax 558 393 Income tax expense (recovery) 51 ( 13 ) Net Earnings (Loss) $ 507 $ 406 Results of Operations (For the nine months ended September 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues Product and service revenues $ 4,260 $ 3,912 $ 1,284 $ 1,663 $ 1,214 $ 2,282 Gains (losses) on risk management, net 99 4 113 ( 65 ) - - Sublease revenues - - - - - - Total Revenues 4,359 3,916 1,397 1,598 1,214 2,282 Operating Expenses Production, mineral and other taxes 247 237 11 12 - - Transportation and processing 382 419 781 800 77 121 Operating 609 545 87 59 19 20 Purchased product - - - - 1,165 2,239 Depreciation, depletion and amortization 1,503 1,039 225 215 - - Total Operating Expenses 2,741 2,240 1,104 1,086 1,261 2,380 Operating Income (Loss) $ 1,618 $ 1,676 $ 293 $ 512 $ ( 47 ) $ ( 98 ) Corporate & Other Consolidated 2024 2023 2024 2023 Revenues Product and service revenues $ - $ - $ 6,758 $ 7,857 Gains (losses) on risk management, net ( 61 ) ( 132 ) 151 ( 193 ) Sublease revenues 55 53 55 53 Total Revenues ( 6 ) ( 79 ) 6,964 7,717 Operating Expenses Production, mineral and other taxes - - 258 249 Transportation and processing - - 1,240 1,340 Operating - - 715 624 Purchased product - - 1,165 2,239 Depreciation, depletion and amortization 17 15 1,745 1,269 Accretion of asset retirement obligation 14 14 14 14 Administrative 250 306 250 306 Total Operating Expenses 281 335 5,387 6,041 Operating Income (Loss) $ ( 287 ) $ ( 414 ) 1,577 1,676 Other (Income) Expenses Interest 306 249 Foreign exchange (gain) loss, net ( 21 ) - Other (gains) losses, net ( 160 ) ( 16 ) Total Other (Income) Expenses 125 233 Net Earnings (Loss) Before Income Tax 1,452 1,443 Income tax expense (recovery) 267 214 Net Earnings (Loss) $ 1,185 $ 1,229
Schedule of Marketing Intersegment Eliminations	Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the three months ended September 30, 2024 2023 2024 2023 2024 2023 Revenues $ 2,272 $ 2,811 $ ( 1,864 ) $ ( 1,948 ) $ 408 $ 863 Operating Expenses Transportation and processing 138 183 ( 129 ) ( 139 ) 9 44 Operating 6 7 - - 6 7 Purchased product 2,127 2,655 ( 1,735 ) ( 1,809 ) 392 846 Operating Income (Loss) $ 1 $ ( 34 ) $ - $ - $ 1 $ ( 34 ) Market Optimization Marketing Sales Upstream Eliminations Total For the nine months ended September 30, 2024 2023 2024 2023 2024 2023 Revenues $ 7,163 $ 8,821 $ ( 5,949 ) $ ( 6,539 ) $ 1,214 $ 2,282 Operating Expenses Transportation and processing 464 528 ( 387 ) ( 407 ) 77 121 Operating 19 20 - - 19 20 Purchased product 6,727 8,371 ( 5,562 ) ( 6,132 ) 1,165 2,239 Operating Income (Loss) $ ( 47 ) $ ( 98 ) $ - $ - $ ( 47 ) $ ( 98 )
Capital Expenditures by Segment	Capital Expenditures by Segment Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 USA Operations $ 457 $ 695 $ 1,418 $ 1,664 Canadian Operations 80 136 330 415 Corporate & Other 1 3 3 5 $ 538 $ 834 $ 1,751 $ 2,084
Goodwill, Property, Plant and Equipment and Total Assets by Segment	Goodwill, Property, Plant and Equipment and Total Assets by Segment Goodwill Property, Plant and Equipment Total Assets As at As at As at September 30, December 31, September 30, December 31, September 30, December 31, 2024 2023 2024 2023 2024 2023 USA Operations $ 1,938 $ 1,938 $ 13,232 $ 13,129 $ 15,992 $ 16,033 Canadian Operations 648 661 1,446 1,357 2,332 2,404 Market Optimization - - - - 197 232 Corporate & Other - - 139 154 1,338 1,318 $ 2,586 $ 2,599 $ 14,817 $ 14,640 $ 19,859 $ 19,987

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2024
Disaggregation of Revenue [Abstract]
Disaggregation of Revenue	Revenues (For the three months ended September 30) USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ 1,135 $ 1,270 $ 3 $ 2 $ 385 $ 800 NGLs 180 175 249 260 5 - Natural gas 63 103 142 246 13 56 Service revenues Gathering and processing 1 1 2 - - - Product and Service Revenues $ 1,379 $ 1,549 $ 396 $ 508 $ 403 $ 856 Corporate & Other Consolidated 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ - $ - $ 1,523 $ 2,072 NGLs - - 434 435 Natural gas - - 218 405 Service revenues Gathering and processing - - 3 1 Product and Service Revenues $ - $ - $ 2,178 $ 2,913 (1) Includes revenues from production and revenues of product purchased from third parties, but excludes intercompany marketing fees transacted between the Company’s operating segments. Revenues (For the nine months ended September 30) USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ 3,508 $ 3,068 $ 8 $ 2 $ 1,095 $ 2,053 NGLs 544 508 754 743 16 25 Natural gas 215 344 527 924 85 185 Service revenues Gathering and processing 3 3 3 2 - - Product and Service Revenues $ 4,270 $ 3,923 $ 1,292 $ 1,671 $ 1,196 $ 2,263 Corporate & Other Consolidated 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ - $ - $ 4,611 $ 5,123 NGLs - - 1,314 1,276 Natural gas - - 827 1,453 Service revenues Gathering and processing - - 6 5 Product and Service Revenues $ - $ - $ 6,758 $ 7,857 (1) Includes revenues from production and revenues of product purchased from third parties, but excludes intercompany marketing fees transacted between the Company’s operating segments.

Interest (Tables)

Interest (Tables)	9 Months Ended
	Sep. 30, 2024
Interest Expense, Operating and Nonoperating [Abstract]
Schedule of Interest Expense	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Interest Expense on: Debt $ 100 $ 105 $ 297 $ 242 Finance leases - - 1 1 Other 3 ( 7 ) 8 6 $ 103 $ 98 $ 306 $ 249

Foreign Exchange (Gain) Loss,_2

Foreign Exchange (Gain) Loss, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Foreign Currency [Abstract]
Foreign Exchange (Gain) Loss, Net	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar risk management contracts issued from Canada $ - $ 6 $ 7 $ ( 9 ) Translation of intercompany notes 16 ( 25 ) ( 19 ) ( 5 ) 16 ( 19 ) ( 12 ) ( 14 ) Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada ( 2 ) - ( 1 ) ( 2 ) U.S. dollar risk management contracts issued from Canada - - 1 7 Intercompany notes - 2 ( 8 ) 7 Other Monetary Revaluations 3 ( 5 ) ( 1 ) 2 $ 17 $ ( 22 ) $ ( 21 ) $ -

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Provision For Income Taxes	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Current Tax United States $ 16 $ 3 $ 40 $ 11 Canada 14 62 45 170 Total Current Tax Expense (Recovery) 30 65 85 181 Deferred Tax United States ( 11 ) ( 56 ) 124 81 Canada 32 ( 22 ) 58 ( 48 ) Total Deferred Tax Expense (Recovery) 21 ( 78 ) 182 33 Income Tax Expense (Recovery) $ 51 $ ( 13 ) $ 267 $ 214 Effective Tax Rate 9.1 % ( 3.3 %) 18.4 % 14.8 %

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2024
Acquisitions And Divestitures [Abstract]
Schedule of Net Acquisitions & (Divestitures)	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Acquisitions USA Operations $ 2 $ 59 $ 197 $ 267 Canadian Operations 5 - 5 6 Total Acquisitions 7 59 202 273 Divestitures USA Operations ( 3 ) ( 11 ) ( 7 ) ( 741 ) Canadian Operations - ( 1 ) - - Total Divestitures ( 3 ) ( 12 ) ( 7 ) ( 741 ) Net Acquisitions & (Divestitures) $ 4 $ 47 $ 195 $ ( 468 )

Business Combination (Tables)

Business Combination (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Schedule of Purchase Price Allocation	Purchase Price Allocation Consideration: Fair value of shares of Ovintiv common stock issued (1) $ 1,169 Consideration paid in cash (2) 3,229 Total Consideration $ 4,398 Assets Acquired: Cash and cash equivalents $ 16 Accounts receivable and accrued revenues (3) 202 Proved properties (3) 3,727 Unproved properties (3) 914 Other property, plant and equipment (3) 17 Liabilities Assumed: Accounts payable and accrued liabilities (3) ( 446 ) Asset retirement obligation ( 28 ) Other liabilities and provisions (3) ( 4 ) Total Purchase Price $ 4,398 (1) The fair value was based on the issuance of 31.8 million shares of common stock using the NYSE price of $ 36.78 on June 12, 2023. (2) Cash consideration paid includes final cash settlements of $ 12 million which were completed during the first quarter of 2024. (3) Since the completion of the business combination on June 12, 2023, additional information related to pre-acquisition assets and liabilities was obtained resulting in measurement period adjustments. Changes in the fair value estimates comprised an increase in accounts receivable and accrued revenues of $ 22 million, an increase in proved properties of $ 134 million, a decrease in unproved properties of $ 227 million, a decrease in other property, plant and equipment of $ 16 million, a decrease in accounts payable and accrued liabilities of $ 73 million and a decrease in other liabilities and provisions of $ 2 million.

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule Of Property, Plant And Equipment	As at September 30, 2024 As at December 31, 2023 Accumulated Accumulated Cost DD&A Net Cost DD&A Net USA Operations Proved properties $ 49,585 $ ( 37,302 ) $ 12,283 $ 47,440 $ ( 35,799 ) $ 11,641 Unproved properties 892 - 892 1,449 - 1,449 Other 57 - 57 39 - 39 50,534 ( 37,302 ) 13,232 48,928 ( 35,799 ) 13,129 Canadian Operations Proved properties 16,661 ( 15,249 ) 1,412 16,644 ( 15,332 ) 1,312 Unproved properties 29 - 29 37 - 37 Other 5 - 5 8 - 8 16,695 ( 15,249 ) 1,446 16,689 ( 15,332 ) 1,357 Market Optimization 7 ( 7 ) - 7 ( 7 ) - Corporate & Other 844 ( 705 ) 139 853 ( 699 ) 154 $ 68,080 $ ( 53,263 ) $ 14,817 $ 66,477 $ ( 51,837 ) $ 14,640

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Estimated Future Sublease Income	The following table outlines Ovintiv’s estimated future sublease income as at September 30, 2024. All subleases are classified as operating leases. (undiscounted) 2024 2025 2026 2027 2028 Thereafter Total Sublease Income $ 13 $ 51 $ 51 $ 47 $ 41 $ 370 $ 573

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	As at As at September 30, December 31, 2024 2023 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings $ 424 $ 284 U.S. Unsecured Notes: 5.65 % due May 15, 2025 600 600 5.375 % due January 1, 2026 459 459 5.65 % due May 15, 2028 700 700 8.125 % due September 15, 2030 300 300 7.20 % due November 1, 2031 350 350 7.375 % due November 1, 2031 500 500 6.25 % due July 15, 2033 600 600 6.50 % due August 15, 2034 599 599 6.625 % due August 15, 2037 390 390 6.50 % due February 1, 2038 430 430 5.15 % due November 15, 2041 148 148 7.10 % due July 15, 2053 400 400 Total Principal 5,900 5,760 Increase in Value of Debt Acquired 18 22 Unamortized Debt Discounts and Issuance Costs ( 41 ) ( 45 ) Total Long-Term Debt $ 5,877 $ 5,737 Current Portion $ 1,024 $ 284 Long-Term Portion 4,853 5,453 $ 5,877 $ 5,737

Other Liabilities and Provisi_2

Other Liabilities and Provisions (Tables)	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities and Provisions	As at As at September 30, December 31, 2024 2023 Finance Lease Obligations $ 14 $ 20 Unrecognized Tax Benefits 51 16 Pensions and Other Post-Employment Benefits 79 74 Other 12 22 $ 156 $ 132

Share Capital (Tables)

Share Capital (Tables)	9 Months Ended
	Sep. 30, 2024
Class of Stock Disclosures [Abstract]
Schedule of Common Stock Issued and Outstanding	As at As at September 30, 2024 December 31, 2023 Number Number (millions) Amount (millions) Amount Shares of Common Stock Outstanding, Beginning of Year 271.7 $ 3 245.7 $ 3 Shares of Common Stock Purchased ( 12.7 ) - ( 9.9 ) - Shares of Common Stock Issued 1.4 - 35.9 - Shares of Common Stock Outstanding, End of Period 260.4 $ 3 271.7 $ 3
Earnings Per Common Share	The following table presents the calculation of net earnings (loss) per share of common stock: Three Months Ended Nine Months Ended September 30, September 30, (US$ millions, except per share amounts) 2024 2023 2024 2023 Net Earnings (Loss) $ 507 $ 406 $ 1,185 $ 1,229 Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 262.1 273.7 266.0 255.8 Effect of dilutive securities 1.9 2.6 2.7 3.9 Weighted Average Shares of Common Stock Outstanding - Diluted 264.0 276.3 268.7 259.7 Net Earnings (Loss) per Share of Common Stock Basic $ 1.93 $ 1.48 $ 4.45 $ 4.80 Diluted 1.92 1.47 4.41 4.73

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Foreign Currency Translation Adjustment Balance, Beginning of Period $ 893 $ 992 $ 1,000 $ 937 Change in Foreign Currency Translation Adjustment 44 ( 59 ) ( 63 ) ( 4 ) Balance, End of Period $ 937 $ 933 $ 937 $ 933 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Period $ 47 $ 51 $ 50 $ 54 Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings ( 2 ) ( 2 ) ( 5 ) ( 6 ) Income taxes 1 - 1 1 Balance, End of Period $ 46 $ 49 $ 46 $ 49 Total Accumulated Other Comprehensive Income $ 983 $ 982 $ 983 $ 982

Compensation Plans (Tables)

Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Amounts Recognized For Share-Based Payment Transactions	The Company has recognized the following share-based compensation costs: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Total Compensation Costs of Transactions Classified as Cash-Settled $ ( 4 ) $ 3 $ ( 2 ) $ ( 21 ) Total Compensation Costs of Transactions Classified as Equity-Settled 23 22 71 67 Less: Total Share-Based Compensation Costs Capitalized ( 7 ) ( 7 ) ( 21 ) ( 20 ) Total Share-Based Compensation Expense (Recovery) $ 12 $ 18 $ 48 $ 26 Recognized in the Condensed Consolidated Statement of Earnings in: Operating $ 7 $ 6 $ 20 $ 17 Administrative 5 12 28 9 $ 12 $ 18 $ 48 $ 26
Schedule of Weighted Average Assumptions Used to Fair Value Share Units	The following weighted average assumptions were used to determine the fair value of SAR and TSAR units outstanding: As at September 30, 2024 As at September 30, 2023 US$ SAR C$ TSAR US$ SAR C$ TSAR Share Units Share Units Share Units Share Units Risk Free Interest Rate 3.01 % 3.01 % 4.87 % 4.87 % Dividend Yield 3.13 % 3.15 % 2.52 % 2.50 % Expected Volatility Rate (1) 47.74 % 44.43 % 54.82 % 51.21 % Expected Term 1.1 yrs 1.1 yrs 1.2 yrs 1.1 yrs Market Share Price US$ 38.31 C$ 51.84 US$ 47.57 C$ 64.59 Weighted Average Grant Date Fair Value US$ 40.91 C$ 54.84 US$ 44.89 C$ 62.45 (1) Volatility was estimated using historical rates.
Schedule of Share-based Compensation Activity	The following units were granted primarily in conjunction with the Company’s annual grant of long-term incentive awards. The PSUs and RSUs were granted at the volume-weighted average trading price of shares of Ovintiv common stock for the five days prior to the grant date. Nine Months Ended September 30, 2024 (thousands of units) RSUs 1,521 PSUs 593 DSUs 9

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis	Fair value changes and settlements for amounts related to risk management assets and liabilities are recognized in revenues and foreign exchange gains and losses according to their purpose. As at September 30, 2024 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ - $ 142 $ - $ 142 $ - $ 142 Long-term assets - 9 - 9 ( 3 ) 6 Foreign Currency Derivatives: Current assets - 2 - 2 - 2 Risk Management Liabilities Commodity Derivatives: Current liabilities $ 1 $ - $ - $ 1 $ - $ 1 Long-term liabilities - 6 - 6 ( 3 ) 3 As at December 31, 2023 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ - $ 188 $ 16 $ 204 $ ( 1 ) $ 203 Long-term assets - 5 - 5 ( 1 ) 4 Foreign Currency Derivatives: Current assets - 11 - 11 - 11 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 1 $ - $ 1 $ ( 1 ) $ - Long-term liabilities - 3 - 3 ( 1 ) 2 Other Derivative Contracts (2) Current in accounts payable and accrued liabilities $ - $ 4 $ - $ 4 $ - $ 4 (1) Netting to offset derivative assets and liabilities where the legal right and intention to offset exists, or where counterparty master netting arrangements contain provisions for net settlement. (2) Includes credit derivatives associated with certain prior years’ divestitures.
Summary Of Changes In Level 3 Fair Value Measurements	A summary of changes in Level 3 fair value measurements for risk management positions is presented below: Nine Months Ended September 30, 2024 2023 Balance, Beginning of Year $ 16 $ 12 Total Gains (Losses) 14 ( 122 ) Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances - - Settlements 9 2 Transfers Out of Level 3 (1) ( 39 ) - Balance, End of Period $ - $ ( 108 ) Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss) $ 23 $ ( 120 ) (1) During the nine months ended September 30, 2024, the Company transferred all remaining WTI three-way options from Level 3 into Level 2 as a result of the availability of more observable inputs, such as volatility and comparable contract terms, from independent active markets.

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management Positions	Notional Volumes Term Average Price Fair Value Oil and NGL Contracts US$/bbl Fixed Price Contracts Ethane Fixed Price 5.0 Mbbls/d 2024 10.28 $ - WTI Three-Way Options Sold call / bought put / sold put 50.0 Mbbls/d 2024 84.35 / 65.00 / 50.00 5 Sold call / bought put / sold put 37.4 Mbbls/d 2025 83.96 / 65.00 / 50.00 34 Basis Contracts (1) 2024 ( 1 ) Oil and NGLs Fair Value Position 38 Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 200 MMcf/d 2024 3.62 12 NYMEX Three-Way Options Sold call / bought put / sold put 200 MMcf/d 2024 4.58 / 3.00 / 2.25 4 Sold call / bought put / sold put 500 MMcf/d 2025 4.54 / 3.00 / 2.25 4 NYMEX Costless Collars Sold call / bought put 400 MMcf/d 2024 5.57 / 3.00 9 Basis Contracts (2) 2024 22 2025 55 Natural Gas Fair Value Position 106 Foreign Currency Contracts Fair Value Position (3) 2024 - 2025 2 Total Fair Value Position $ 146 (1) Ovintiv has entered into oil differential swaps associated with Canadian condensate and WTI. (2) Ovintiv has entered into natural gas basis swaps associated with AECO, Waha and NYMEX. (3) Ovintiv has entered into U.S. dollar denominated fixed-for-floating average currency swaps to protect against fluctuations between the Canadian and U.S. dollars.
Earnings Impact of Realized and Unrealized Gains (Losses) on Risk Management Positions	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ 97 $ 10 $ 212 $ ( 61 ) Foreign Currency Derivatives: Foreign exchange - - ( 1 ) ( 7 ) Interest Rate Derivatives: Interest Rate (2) - - - 1 $ 97 $ 10 $ 211 $ ( 67 ) Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (3) $ 31 $ ( 292 ) $ ( 61 ) $ ( 132 ) Foreign Currency Derivatives: Foreign exchange 1 ( 6 ) ( 9 ) 9 $ 32 $ ( 298 ) $ ( 70 ) $ ( 123 ) Total Realized and Unrealized Gains (Losses) on Risk Management , net Commodity and Other Derivatives: Revenues (1) (3) $ 128 $ ( 282 ) $ 151 $ ( 193 ) Foreign Currency Derivatives : Foreign exchange 1 ( 6 ) ( 10 ) 2 Interest Rate Derivatives: Interest Rate (2) - - - 1 $ 129 $ ( 288 ) $ 141 $ ( 190 ) (1) Includes a realized gain of nil and $ 4 million for the three and nine months ended September 30, 2024, respectively (2023 - gain of $ 1 million, respectively), related to other derivative contracts. (2) The interest rate swap was executed and settled during the nine months ended September 30, 2023, in relation to the senior notes issuance described in Note 12. The gain was recognized in interest expense. (3) There were no unrealized gains or losses related to other derivative contracts for the three or nine months ended September 30, 2024 or 2023.
Reconciliation of Unrealized Risk Management Positions	2024 2023 Fair Value Total Total Fair Value of Contracts, Beginning of Year $ 212 Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Period 141 $ 141 $ ( 190 ) Settlement of Other Derivative Contracts 4 Fair Value of Contracts Realized During the Period ( 211 ) ( 211 ) 67 Fair Value of Contracts, End of Period $ 146 $ ( 70 ) $ ( 123 )
Unrealized Risk Management Positions	As at As at September 30, December 31, 2024 2023 Risk Management Assets Current $ 144 $ 214 Long-term 6 4 150 218 Risk Management Liabilities Current 1 - Long-term 3 2 4 2 Other Derivative Contract Liabilities Current in accounts payable and accrued liabilities - 4 - 4 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ 146 $ 212

Supplementary Information (Tabl

Supplementary Information (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Net Change in Non-Cash Working Capital	A) Net Change in Non-Cash Working Capital Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Operating Activities Accounts receivable and accrued revenues $ 68 $ ( 251 ) $ 303 $ 268 Accounts payable and accrued liabilities ( 64 ) 2 ( 365 ) ( 288 ) Current portion of operating lease liabilities 2 ( 5 ) ( 1 ) 4 Income tax receivable and payable 19 62 ( 239 ) 190 $ 25 $ ( 192 ) $ ( 302 ) $ 174
Non-Cash Activities	B) Non-Cash Activities Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Non-Cash Operating Activities ROU operating lease assets and liabilities $ ( 7 ) $ ( 4 ) $ ( 40 ) $ ( 73 ) Non-Cash Investing Activities Property, plant and equipment accruals $ ( 23 ) $ 93 $ ( 25 ) $ 185 Capitalized long-term incentives - - ( 7 ) ( 2 ) Property additions/dispositions, including swaps 5 3 36 25 Non-Cash Financing Activities Common shares issued in conjunction with the Permian Acquisition (See Note 9) $ - $ - $ - $ ( 1,169 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments	The following table outlines the Company’s commitments as at September 30, 2024: Expected Future Payments (undiscounted) 2024 2025 2026 2027 2028 Thereafter Total Transportation and Processing $ 170 $ 679 $ 606 $ 506 $ 451 $ 2,176 $ 4,588 Drilling and Field Services 87 201 9 - - - 297 Building Leases & Other Commitments 4 13 7 6 6 15 51 Total $ 261 $ 893 $ 622 $ 512 $ 457 $ 2,191 $ 4,936

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Narrative) (Details) - ASU 2023-07 [Member]	Sep. 30, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2024

Segmented Information (Segment

Segmented Information (Segment and Geographic Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Product and service revenues	$ 2,178	$ 2,913	$ 6,758	$ 7,857
Gains (losses) on risk management, net	128	(282)	151	(193)
Sublease revenues	18	18	55	53
Total Revenues	2,324	2,649	6,964	7,717
Production, mineral and other taxes	86	89	258	249
Transportation and processing	408	433	1,240	1,340
Operating	235	243	715	624
Purchased product	392	846	1,165	2,239
Depreciation, depletion and amortization	599	486	1,745	1,269
Accretion of asset retirement obligation	5	5	14	14
Administrative	72	80	250	306
Total Operating Expenses	1,797	2,182	5,387	6,041
Operating Income (Loss)	527	467	1,577	1,676
Interest	103	98	306	249
Foreign exchange (gain) loss, net	17	(22)	(21)	0
Other (gains) losses, net	(151)	(2)	(160)	(16)
Total Other (Income) Expenses	(31)	74	125	233
Net Earnings (Loss) Before Income Tax	558	393	1,452	1,443
Income tax expense (recovery)	51	(13)	267	214
Net Earnings (Loss)	507	406	1,185	1,229
Operating Segments [Member] | USA Operations [Member]
Segment Reporting Information [Line Items]
Product and service revenues	1,377	1,545	4,260	3,912
Gains (losses) on risk management, net	44	(3)	99	4
Sublease revenues	0	0	0	0
Total Revenues	1,421	1,542	4,359	3,916
Production, mineral and other taxes	82	84	247	237
Transportation and processing	129	124	382	419
Operating	193	208	609	545
Purchased product	0	0	0	0
Depreciation, depletion and amortization	516	409	1,503	1,039
Total Operating Expenses	920	825	2,741	2,240
Operating Income (Loss)	501	717	1,618	1,676
Operating Segments [Member] | Canadian Operations [Member]
Segment Reporting Information [Line Items]
Product and service revenues	393	505	1,284	1,663
Gains (losses) on risk management, net	53	13	113	(65)
Sublease revenues	0	0	0	0
Total Revenues	446	518	1,397	1,598
Production, mineral and other taxes	4	5	11	12
Transportation and processing	270	265	781	800
Operating	36	28	87	59
Purchased product	0	0	0	0
Depreciation, depletion and amortization	77	72	225	215
Total Operating Expenses	387	370	1,104	1,086
Operating Income (Loss)	59	148	293	512
Operating Segments [Member] | Market Optimization [Member]
Segment Reporting Information [Line Items]
Product and service revenues	408	863	1,214	2,282
Gains (losses) on risk management, net	0	0	0	0
Sublease revenues	0	0	0	0
Total Revenues	408	863	1,214	2,282
Production, mineral and other taxes	0	0	0	0
Transportation and processing	9	44	77	121
Operating	6	7	19	20
Purchased product	392	846	1,165	2,239
Depreciation, depletion and amortization	0	0	0	0
Total Operating Expenses	407	897	1,261	2,380
Operating Income (Loss)	1	(34)	(47)	(98)
Corporate & Other [Member]
Segment Reporting Information [Line Items]
Product and service revenues	0	0	0	0
Gains (losses) on risk management, net	31	(292)	(61)	(132)
Sublease revenues	18	18	55	53
Total Revenues	49	(274)	(6)	(79)
Production, mineral and other taxes	0	0	0	0
Transportation and processing	0	0	0	0
Operating	0	0	0	0
Purchased product	0	0	0	0
Depreciation, depletion and amortization	6	5	17	15
Accretion of asset retirement obligation	5	5	14	14
Administrative	72	80	250	306
Total Operating Expenses	83	90	281	335
Operating Income (Loss)	$ (34)	$ (364)	$ (287)	$ (414)

Segmented Information (Schedule

Segmented Information (Schedule of Marketing Intersegment Eliminations) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Product Information [Line Items]
Revenues	$ 2,324	$ 2,649	$ 6,964	$ 7,717
Transportation and processing	408	433	1,240	1,340
Operating	235	243	715	624
Purchased product	392	846	1,165	2,239
Operating Income (Loss)	527	467	1,577	1,676
Market Optimization [Member] | Operating Segments [Member]
Product Information [Line Items]
Revenues	408	863	1,214	2,282
Transportation and processing	9	44	77	121
Operating	6	7	19	20
Purchased product	392	846	1,165	2,239
Operating Income (Loss)	1	(34)	(47)	(98)
Market Optimization [Member] | Reportable Subsegments [Member] | Marketing Sales [Member]
Product Information [Line Items]
Revenues	2,272	2,811	7,163	8,821
Transportation and processing	138	183	464	528
Operating	6	7	19	20
Purchased product	2,127	2,655	6,727	8,371
Operating Income (Loss)	1	(34)	(47)	(98)
Market Optimization [Member] | Intersubsegment Eliminations [Member]
Product Information [Line Items]
Revenues	(1,864)	(1,948)	(5,949)	(6,539)
Transportation and processing	(129)	(139)	(387)	(407)
Operating	0	0	0	0
Purchased product	(1,735)	(1,809)	(5,562)	(6,132)
Operating Income (Loss)	$ 0	$ 0	$ 0	$ 0

Segmented Information (Capital

Segmented Information (Capital Expenditures by Segment) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Capital Expenditures	$ 538	$ 834	$ 1,751	$ 2,084
Operating Segments [Member] | USA Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Capital Expenditures	457	695	1,418	1,664
Operating Segments [Member] | Canadian Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Capital Expenditures	80	136	330	415
Corporate & Other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Capital Expenditures	$ 1	$ 3	$ 3	$ 5

Segmented Information (Goodwill

Segmented Information (Goodwill, Property, Plant and Equipment and Total Assets by Segment) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	$ 2,586	$ 2,599
Property, Plant and Equipment	14,817	14,640
Total Assets	19,859	19,987
Operating Segments [Member] | USA Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	1,938	1,938
Property, Plant and Equipment	13,232	13,129
Total Assets	15,992	16,033
Operating Segments [Member] | Canadian Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	648	661
Property, Plant and Equipment	1,446	1,357
Total Assets	2,332	2,404
Operating Segments [Member] | Market Optimization [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	0	0
Property, Plant and Equipment	0	0
Total Assets	197	232
Corporate & Other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	0	0
Property, Plant and Equipment	139	154
Total Assets	$ 1,338	$ 1,318

Revenues from Contracts with _3

Revenues from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Product revenues	$ 2,178	$ 2,913	$ 6,758	$ 7,857
Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	1,379	1,549	4,270	3,923
Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	396	508	1,292	1,671
Operating Segments [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	403	856	1,196	2,263
Corporate & Other [Member]
Disaggregation of Revenue [Line Items]
Product revenues	0	0	0	0
Oil [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	1,523	2,072	4,611	5,123
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	1,135	1,270	3,508	3,068
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	3	2	8	2
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	385	800	1,095	2,053
Oil [Member] | Corporate & Other [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	0	0	0	0
Natural Gas Liquids [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	434	435	1,314	1,276
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	180	175	544	508
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	249	260	754	743
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	5	0	16	25
Natural Gas Liquids [Member] | Corporate & Other [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	0	0	0	0
Natural Gas [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	218	405	827	1,453
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	63	103	215	344
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	142	246	527	924
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	13	56	85	185
Natural Gas [Member] | Corporate & Other [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	0	0	0	0
Natural Gas Gathering and Processing [Member]
Disaggregation of Revenue [Line Items]
Product revenues	3	1	6	5
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	1	1	3	3
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	2	0	3	2
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	0	0	0	0
Natural Gas Gathering and Processing [Member] | Corporate & Other [Member]
Disaggregation of Revenue [Line Items]
Product revenues	$ 0	$ 0	$ 0	$ 0

Revenues from Contracts with _4

Revenues from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with customer, asset net	$ 0	$ 0
Contract with customer, liability	0	0
Receivables & accrued revenues from contracts with customers	817	$ 1,070
Revenue, remaining performance obligation	$ 0
Description of payment terms	As the period between when the product sales are transferred and Ovintiv receives payments is generally 30 to 60 days, there is no financing element associated with customer contracts.

Interest (Details)

Interest (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest Expense, Operating and Nonoperating [Abstract]
Interest Expense on Debt	$ 100	$ 105	$ 297	$ 242
Interest on Finance Leases	0	0	1	1
Interest - Other	3	(7)	8	6
Interest	$ 103	$ 98	$ 306	$ 249

Foreign Exchange (Gain) Loss,_3

Foreign Exchange (Gain) Loss, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	$ 16	$ (19)	$ (12)	$ (14)
Foreign Exchange (Gain) Loss, Net	17	(22)	(21)	0
Translation of U.S. Dollar Debt Issued From Canada [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Foreign Exchange on Settlements	(2)	0	(1)	(2)
Translation of U.S. Dollar Risk Management Contracts Issued From Canada [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	0	6	7	(9)
Foreign Exchange on Settlements	0	0	1	7
Translation of Intercompany Notes [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	16	(25)	(19)	(5)
Foreign Exchange on Settlements	0	2	(8)	7
Other Monetary Revaluations [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Foreign Exchange on Settlements	$ 3	$ (5)	$ (1)	$ 2

Income Taxes (Provision For Inc

Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Line Items]
Total Current Tax Expense (Recovery)	$ 30	$ 65	$ 85	$ 181
Total Deferred Tax Expense (Recovery)	21	(78)	182	33
Income Tax Expense (Recovery)	$ 51	$ (13)	$ 267	$ 214
Effective Tax Rate	9.10%	(3.30%)	18.40%	14.80%
United States [Member]
Income Tax Disclosure [Line Items]
Total Current Tax Expense (Recovery)	$ 16	$ 3	$ 40	$ 11
Total Deferred Tax Expense (Recovery)	(11)	(56)	124	81
Canada [Member]
Income Tax Disclosure [Line Items]
Total Current Tax Expense (Recovery)	14	62	45	170
Total Deferred Tax Expense (Recovery)	$ 32	$ (22)	$ 58	$ (48)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Line Items]
Effective Tax Rate	9.10%	(3.30%)	18.40%	14.80%
United States [Member]
Income Tax Disclosure [Line Items]
United States Federal Statutory Rate	21%	21%	21%	21%

Acquisitions and Divestitures_2

Acquisitions and Divestitures (Schedule of Net Acquisitions & (Divestitures)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Acquisitions and Divestitures [Line Items]
Acquisitions	$ 7	$ 59	$ 202	$ 273
Divestitures	(3)	(12)	(7)	(741)
Net Acquisitions and Divestitures	4	47	195	(468)
Operating Segments [Member] | USA Operations [Member]
Acquisitions and Divestitures [Line Items]
Acquisitions	2	59	197	267
Divestitures	(3)	(11)	(7)	(741)
Operating Segments [Member] | Canadian Operations [Member]
Acquisitions and Divestitures [Line Items]
Acquisitions	5	0	5	6
Divestitures	$ 0	$ (1)	$ 0	$ 0

Acquisitions and Divestitures_3

Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Acquisitions and Divestitures [Line Items]
Acquisitions	$ 7	$ 59	$ 202	$ 273
Divestitures	3	12	7	741
USA Operations [Member] | Operating Segments [Member]
Acquisitions and Divestitures [Line Items]
Acquisitions	2	59	197	267
Divestitures	3	11	7	741
USA Operations [Member] | Operating Segments [Member] | Uinta and Bakken Assets [Member]
Acquisitions and Divestitures [Line Items]
Divestitures				717
Canadian Operations [Member] | Operating Segments [Member]
Acquisitions and Divestitures [Line Items]
Acquisitions	5	0	5	6
Divestitures	$ 0	$ 1	$ 0	$ 0

Business Combination (Narrative

Business Combination (Narrative) (Details) - Permian Acquisition [Member] shares in Millions, $ in Millions	Jun. 12, 2023 USD ($) a WellLocation shares	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Cash paid for acquisition	$ 3,229
Number of shares issued | shares	31.8
Value issued	$ 1,169
Transaction costs		$ 76
Number of well locations acquired | WellLocation	1,050
Number of acres acquired | a	65,000
Share Capital [Member]
Business Acquisition [Line Items]
Number of shares issued | shares	31.8

Business Combination (Schedule

Business Combination (Schedule of Purchase Price Allocation) (Details) - Permian Acquisition [Member] $ in Millions	Jun. 12, 2023 USD ($)
Consideration:
Fair value of shares of Ovintiv common stock issued	$ 1,169
Cash	3,229
Total Consideration	4,398
Assets Acquired:
Cash and cash equivalents	16
Accounts receivable and accrued revenues	202
Liabilities Assumed:
Accounts payable and accrued liabilities	(446)
Asset retirement obligation	(28)
Other liabilities and provisions	(4)
Total Purchase Price	4,398
Proved Properties [Member]
Assets Acquired:
Property, plant and equipment, net	3,727
Unproved Properties [Member]
Assets Acquired:
Property, plant and equipment, net	914
Other Capitalized Property Plant and Equipment [Member]
Assets Acquired:
Property, plant and equipment, net	$ 17

Business Combination (Schedul_2

Business Combination (Schedule of Purchase Price Allocation) (Parenthetical) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended			9 Months Ended
	Jun. 12, 2023	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Decrease in accounts payable and accrued liabilities		$ (64)		$ 2	$ (365)	$ (288)
Permian Acquisition [Member]
Business Acquisition [Line Items]
Fair value of shares of Ovintiv common stock issued	31.8
Shares of common stock closing price	$ 36.78
Increase in accounts receivable and accrued revenues	$ 22
Decrease in accounts payable and accrued liabilities	73
Decrease in other liabilities and provisions	2
Cash consideration, final cash settlements			$ 12
Permian Acquisition [Member] | Proved Properties [Member]
Business Acquisition [Line Items]
Increase (decrease) in properties	134
Permian Acquisition [Member] | Other Capitalized Property Plant and Equipment [Member]
Business Acquisition [Line Items]
Increase (decrease) in properties	16
Permian Acquisition [Member] | Unproved Properties [Member]
Business Acquisition [Line Items]
Increase (decrease) in properties	$ (227)

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	$ 68,080	$ 66,477
Less: Accumulated depreciation, depletion and amortization	(53,263)	(51,837)
Property, plant and equipment, net	14,817	14,640
Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	50,534	48,928
Less: Accumulated depreciation, depletion and amortization	(37,302)	(35,799)
Property, plant and equipment, net	13,232	13,129
Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	16,695	16,689
Less: Accumulated depreciation, depletion and amortization	(15,249)	(15,332)
Property, plant and equipment, net	1,446	1,357
Operating Segments [Member] | Market Optimization [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	0	0
Corporate & Other [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	139	154
Proved Properties [Member] | Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	49,585	47,440
Less: Accumulated depreciation, depletion and amortization	(37,302)	(35,799)
Property, plant and equipment, net	12,283	11,641
Proved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	16,661	16,644
Less: Accumulated depreciation, depletion and amortization	(15,249)	(15,332)
Property, plant and equipment, net	1,412	1,312
Unproved Properties [Member] | Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	892	1,449
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	892	1,449
Unproved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	29	37
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	29	37
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	57	39
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	57	39
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	5	8
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	5	8
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | Market Optimization [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	7	7
Less: Accumulated depreciation, depletion and amortization	(7)	(7)
Property, plant and equipment, net	0	0
Other Capitalized Property Plant and Equipment [Member] | Corporate & Other [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	844	853
Less: Accumulated depreciation, depletion and amortization	(705)	(699)
Property, plant and equipment, net	$ 139	$ 154

Property, Plant and Equipment_4

Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Internal Costs Capitalized	$ 141	$ 118

Leases (Schedule of Estimated F

Leases (Schedule of Estimated Future Sublease Income) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 13
2025	51
2026	51
2027	47
2028	41
Thereafter	370
Total	$ 573

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease income	$ 13	$ 13	$ 39	$ 37
Variable lease income	$ 5	$ 5	$ 16	$ 16

Long-Term Debt (Schedule Of Lon

Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
	May 31, 2023	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Revolving credit and term loan borrowings		$ 424	$ 284
Total Principal		5,900	5,760
Increase in Value of Debt Acquired		18	22
Unamortized Debt Discounts and Issuance Costs		(41)	(45)
Total Long-Term Debt		5,877	5,737
Current Portion		1,024	284
Long-Term Portion		4,853	5,453
5.65% Unsecured Notes [Member] | Unsecured Notes, Due May 15, 2025 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 600	$ 600	$ 600
Debt Instrument, Interest Rate, Stated Percentage	5.65%	5.65%	5.65%
Debt Instrument, Maturity Date	May 15, 2025	May 15, 2025	May 15, 2025
5.65% Unsecured Notes [Member] | Unsecured Notes, Due May 15, 2028 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 700	$ 700	$ 700
Debt Instrument, Interest Rate, Stated Percentage	5.65%	5.65%	5.65%
Debt Instrument, Maturity Date	May 15, 2028	May 15, 2028	May 15, 2028
5.375% Unsecured Notes [Member] | Unsecured Notes, Due Jan 1, 2026 [Member]
Debt Instrument [Line Items]
Unsecured Debt		$ 459	$ 459
Debt Instrument, Interest Rate, Stated Percentage		5.375%	5.375%
Debt Instrument, Maturity Date		Jan. 01, 2026	Jan. 01, 2026
8.125% Unsecured Notes [Member] | Unsecured Notes, Due September 15, 2030 [Member]
Debt Instrument [Line Items]
Unsecured Debt		$ 300	$ 300
Debt Instrument, Interest Rate, Stated Percentage		8.125%	8.125%
Debt Instrument, Maturity Date		Sep. 15, 2030	Sep. 15, 2030
7.20% Unsecured Notes [Member] | Unsecured Notes, Due November 1, 2031 [Member]
Debt Instrument [Line Items]
Unsecured Debt		$ 350	$ 350
Debt Instrument, Interest Rate, Stated Percentage		7.20%	7.20%
Debt Instrument, Maturity Date		Nov. 01, 2031	Nov. 01, 2031
7.375% Unsecured Notes [Member] | Unsecured Notes, Due November 1, 2031 [Member]
Debt Instrument [Line Items]
Unsecured Debt		$ 500	$ 500
Debt Instrument, Interest Rate, Stated Percentage		7.375%	7.375%
Debt Instrument, Maturity Date		Nov. 01, 2031	Nov. 01, 2031
6.25% Unsecured Notes [Member] | Unsecured Notes, Due July 15, 2033 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 600	$ 600	$ 600
Debt Instrument, Interest Rate, Stated Percentage	6.25%	6.25%	6.25%
Debt Instrument, Maturity Date	Jul. 15, 2033	Jul. 15, 2033	Jul. 15, 2033
6.50% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2034 [Member]
Debt Instrument [Line Items]
Unsecured Debt		$ 599	$ 599
Debt Instrument, Interest Rate, Stated Percentage		6.50%	6.50%
Debt Instrument, Maturity Date		Aug. 15, 2034	Aug. 15, 2034
6.50% Unsecured Notes [Member] | Unsecured Notes, Due February 1, 2038 [Member]
Debt Instrument [Line Items]
Unsecured Debt		$ 430	$ 430
Debt Instrument, Interest Rate, Stated Percentage		6.50%	6.50%
Debt Instrument, Maturity Date		Feb. 01, 2038	Feb. 01, 2038
6.625% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2037 [Member]
Debt Instrument [Line Items]
Unsecured Debt		$ 390	$ 390
Debt Instrument, Interest Rate, Stated Percentage		6.625%	6.625%
Debt Instrument, Maturity Date		Aug. 15, 2037	Aug. 15, 2037
5.15% Unsecured Notes [Member] | Unsecured Notes, Due November 15, 2041 [Member]
Debt Instrument [Line Items]
Unsecured Debt		$ 148	$ 148
Debt Instrument, Interest Rate, Stated Percentage		5.15%	5.15%
Debt Instrument, Maturity Date		Nov. 15, 2041	Nov. 15, 2041
7.10% Unsecured Notes [Member] | Unsecured Notes, Due July 15, 2053 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 400	$ 400	$ 400
Debt Instrument, Interest Rate, Stated Percentage	7.10%	7.10%	7.10%
Debt Instrument, Maturity Date	Jul. 15, 2053	Jul. 15, 2053	Jul. 15, 2053

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Net proceeds of offering		$ 0	$ 0	$ 0	$ 2,278
Long-term debt current		1,024		1,024		$ 284
Drawn from revolving credit facilities		100		100
Long-term debt carrying value		5,877		5,877		5,737
Long-term debt, fair value		6,259		6,259		5,989
5.65% Unsecured Notes [Member] | Unsecured Notes, Due May 15, 2025 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 600	$ 600		$ 600		$ 600
Debt instrument interest rate stated percentage	5.65%	5.65%		5.65%		5.65%
Debt instrument maturity date	May 15, 2025			May 15, 2025		May 15, 2025
5.65% Unsecured Notes [Member] | Unsecured Notes, Due May 15, 2028 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 700	$ 700		$ 700		$ 700
Debt instrument interest rate stated percentage	5.65%	5.65%		5.65%		5.65%
Debt instrument maturity date	May 15, 2028			May 15, 2028		May 15, 2028
6.25% Unsecured Notes [Member] | Unsecured Notes, Due July 15, 2033 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 600	$ 600		$ 600		$ 600
Debt instrument interest rate stated percentage	6.25%	6.25%		6.25%		6.25%
Debt instrument maturity date	Jul. 15, 2033			Jul. 15, 2033		Jul. 15, 2033
7.10% Unsecured Notes [Member] | Unsecured Notes, Due July 15, 2053 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 400	$ 400		$ 400		$ 400
Debt instrument interest rate stated percentage	7.10%	7.10%		7.10%		7.10%
Debt instrument maturity date	Jul. 15, 2053			Jul. 15, 2053		Jul. 15, 2053
Permian Acquisition [Member]
Debt Instrument [Line Items]
Net proceeds of offering	$ 2,278
Commercial Paper [Member]
Debt Instrument [Line Items]
Long-term debt current		$ 324		$ 324
Weighted average interest rate		5.67%		5.67%

Other Liabilities and Provisi_3

Other Liabilities and Provisions (Schedule of Other Liabilities and Provisions) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities And Provisions [Line Items]
Finance Lease Obligations	$ 14	$ 20
Pensions and Other Post-Employment Benefits	79	74
Other	12	22
Other Liabilities and Provisions	156	132
Other Liabilities and Provisions [Member]
Other Liabilities And Provisions [Line Items]
Unrecognized Tax Benefits	$ 51	$ 16

Share Capital (Narrative) (Deta

Share Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 07, 2024	Jun. 12, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 26, 2024
Class Of Stock [Line Items]
Common stock, shares authorized			750,000,000		750,000,000
Common stock, par value			$ 0.01		$ 0.01
Preferred stock, shares authorized			25,000,000		25,000,000
Preferred stock, par value			$ 0.01		$ 0.01
Preferred stock, shares outstanding			0		0
Share capital						$ 1,169,000
Common shares purchased, shares					12,700,000		9,900,000
Common shares purchased, value			$ 163,000	$ 45,000	$ 597,000	373,000
Dividends on common shares			$ 78,000	$ 82,000	$ 238,000	$ 225,000
Common stock, dividends, per share, paid			$ 0.3	$ 0.3	$ 0.9	$ 0.85
Common stock, dividends, per share, declared			$ 0.3	$ 0.3	$ 0.9	$ 0.85
PSU and RSU [Member]
Class Of Stock [Line Items]
Share based compensation arrangement by share based payment award equity instruments other than options grants vested in period					1,400,000		4,100,000
Share Capital [Member]
Class Of Stock [Line Items]
Share capital					$ 0	$ 0	$ 0
Common shares purchased, value			$ 0	$ 0	0	0	$ 0
Dividends on common shares			0	0	0	0
Paid in Surplus [Member]
Class Of Stock [Line Items]
Share capital						1,169,000
Common shares purchased, value			163,000	45,000	597,000	373,000
Dividends on common shares			$ 0	$ 0	$ 0	$ 0
Permian Acquisition [Member]
Class Of Stock [Line Items]
Number of shares issued		31,800,000
Permian Acquisition [Member] | Share Capital [Member]
Class Of Stock [Line Items]
Number of shares issued		31,800,000
Share capital		$ 318
Permian Acquisition [Member] | Paid in Surplus [Member]
Class Of Stock [Line Items]
Share capital		$ 1,169,000
Subsequent Event [Member]
Class Of Stock [Line Items]
Common stock, dividends, per share, declared	$ 0.30
Normal Course Issuer Bid [Member]
Class Of Stock [Line Items]
Stock repurchase program, number of shares authorized to be repurchased								25,900,000
Common shares purchased, shares			3,700,000	8,700,000	12,700,000	8,700,000	9,900,000
Common shares purchased, value			$ 163,000	$ 45,000	$ 597,000	$ 373,000	$ 426,000
Normal Course Issuer Bid [Member] | Share Capital [Member]
Class Of Stock [Line Items]
Common shares purchased, value			37	10	127	87	99
Normal Course Issuer Bid [Member] | Paid in Surplus [Member]
Class Of Stock [Line Items]
Common shares purchased, value			$ 163,000	$ 45,000	$ 597,000	$ 373,000	$ 426,000
Quarterly Cash Dividend Q3 2024 [Member] | Subsequent Event [Member]
Class Of Stock [Line Items]
Dividends payable, date declared	Nov. 07, 2024
Dividends payable, date to be paid	Dec. 31, 2024
Dividends payable, date of record	Dec. 13, 2024

Share Capital (Schedule of Comm

Share Capital (Schedule of Common Stock Issued and Outstanding) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Shares of Common Stock Outstanding, Beginning of Year			271,700,000	245,700,000	245,700,000
Shares of Common Stock Purchased			(12,700,000)		(9,900,000)
Shares of Common Stock Issued			1,400,000		35,900,000
Shares of Common Stock Outstanding, End of Period	260,400,000		260,400,000		271,700,000
Shares of Common Stock Outstanding, Beginning of Year			$ 3	$ 3	$ 3
Shares of Common Stock Purchased	$ (163)	$ (45)	(597)	(373)
Shares of Common Stock Issued				1,169
Shares of Common Stock Outstanding, End of Period	3		3		3
Share Capital [Member]
Class of Stock [Line Items]
Shares of Common Stock Purchased	$ 0	$ 0	0	0	0
Shares of Common Stock Issued			$ 0	$ 0	$ 0

Share Capital (Earnings Per Com

Share Capital (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock Disclosures [Abstract]
Net Income (Loss)	$ 507	$ 406	$ 1,185	$ 1,229
Weighted average shares of common stock outstanding - Basic	262.1	273.7	266	255.8
Effect of dilutive securities	1.9	2.6	2.7	3.9
Weighted Average Shares of Common Stock Outstanding - Diluted	264	276.3	268.7	259.7
Net Earnings (Loss) per Share of Common Stock Basic	$ 1.93	$ 1.48	$ 4.45	$ 4.8
Net Earnings (Loss) per Share of Common Stock Diluted	$ 1.92	$ 1.47	$ 4.41	$ 4.73

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Balance, Beginning of Period, Foreign Currency Translation Adjustment	$ 893	$ 992	$ 1,000	$ 937
Change in Foreign Currency Translation Adjustment	44	(59)	(63)	(4)
Balance, End of Period, Foreign Currency Translation Adjustment	937	933	937	933
Pension and Other Post-Employment Benefit Plans
Balance, Beginning of Period	47	51	50	54
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax [Abstract]
Reclassification of net actuarial (gains) and losses to net earnings	(2)	(2)	(5)	(6)
Income taxes	1	0	1	1
Balance, End of Period	46	49	46	49
Total Accumulated Other Comprehensive Income	$ 983	$ 982	$ 983	$ 982	$ 1,050

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) MMcf	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Accounts payable and accrued liabilities, current	$ 1,777	$ 2,209
Veresen Midstream Limited Partnership [Member]
Variable Interest Entity [Line Items]
Variable interest entity, financial support, term of assessment	8 years
Variable interest entity, reporting entity involvement, maximum loss exposure, amount	$ 1,063
Veresen Midstream Limited Partnership [Member] | Take or Pay Commitment [Member]
Variable Interest Entity [Line Items]
Accounts payable and accrued liabilities, current	$ 0.3
Veresen Midstream Limited Partnership [Member] | Natural gas gathering and compression [Member]
Variable Interest Entity [Line Items]
Contracted capacity volumes | MMcf	1,153
Veresen Midstream Limited Partnership [Member] | Natural gas processing [Member]
Variable Interest Entity [Line Items]
Contracted capacity volumes | MMcf	913
Veresen Midstream Limited Partnership [Member] | Minimum [Member]
Variable Interest Entity [Line Items]
Length of remaining terms, in years	7 years
Veresen Midstream Limited Partnership [Member] | Maximum [Member]
Variable Interest Entity [Line Items]
Length of remaining terms, in years	21 years
Length of renewal term, in years	10 years

Compensation Plans (Amounts Rec

Compensation Plans (Amounts Recognized For Share-Based Payment Transactions) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Costs of Transactions Classified as Cash-Settled	$ (4)	$ 3	$ (2)	$ (21)
Total Compensation Costs of Transactions Classified as Equity-Settled	23	22	71	67
Less: Total Share-Based Compensation Costs Capitalized	(7)	(7)	(21)	(20)
Total Share-Based Compensation Expense (Recovery)	12	18	48	26
Operating Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense (Recovery)	7	6	20	17
Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense (Recovery)	$ 5	$ 12	$ 28	$ 9

Compensation Plans (Schedule of

Compensation Plans (Schedule of Weighted Average Assumptions Used to Fair Value Share Units) (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares	Sep. 30, 2023 $ / shares	Sep. 30, 2024 $ / shares	Sep. 30, 2023 $ / shares
United States Of America Dollars [Member] | Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value Assumptions, Risk Free Interest Rate	3.01%	4.87%
Fair Value Assumptions, Dividend Yield	3.13%	2.52%
Fair Value Assumptions, Expected Volatility Rate	47.74%	54.82%
Fair Value Assumptions, Expected Term	1 year 1 month 6 days	1 year 2 months 12 days
Market Share Price	$ 38.31	$ 47.57
Weighted Average Grant Date Fair Value	$ 40.91	$ 44.89
Canadian Dollar [Member] | Tandem Stock Appreciation Rights (TSARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value Assumptions, Risk Free Interest Rate	3.01%	4.87%
Fair Value Assumptions, Dividend Yield	3.15%	2.50%
Fair Value Assumptions, Expected Volatility Rate	44.43%	51.21%
Fair Value Assumptions, Expected Term	1 year 1 month 6 days	1 year 1 month 6 days
Market Share Price			$ 51.84	$ 64.59
Weighted Average Grant Date Fair Value			$ 54.84	$ 62.45

Compensation Plans (Narrative)

Compensation Plans (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability for cash-settled share-based payment transactions	$ 10	$ 14

Compensation Plans (Schedule _2

Compensation Plans (Schedule of Share-based Compensation, Activity) (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 shares
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	593
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	1,521
DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	9

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Net, Current	$ 144	$ 214
Risk Management Assets, Net, Long-term	6	4
Risk Management Liabilities, Net, Current	1	0
Risk Management	3	2
Guarantor Obligations, Current Carrying Value	0	4
Accounts Payable and Accrued Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross Assets		0
Guarantor Obligations, Current Carrying Value	0	4
Accounts Payable and Accrued Liabilities [Member] | Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor Obligations, Current Carrying Value		4
Accounts Payable and Accrued Liabilities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor Obligations, Current Carrying Value		0
Accounts Payable and Accrued Liabilities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor Obligations, Current Carrying Value		4
Accounts Payable and Accrued Liabilities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor Obligations, Current Carrying Value		0
Commodity Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Net, Current	$ 142	$ 203
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Risk Management Assets, Net, Current	Risk Management Assets, Net, Current
Risk Management Assets, Net, Long-term	$ 6	$ 4
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Risk Management Assets, Net, Long-term	Risk Management Assets, Net, Long-term
Risk Management Liabilities, Net, Current	$ 1	$ 0
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Risk Management Liabilities, Net, Current	Risk Management Liabilities, Net, Current
Risk Management	$ 3	$ 2
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Risk Management	Risk Management
Commodity Derivatives [Member] | Other Current Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	$ 142	$ 204
Risk Management Assets, Gross Liabilities	0	(1)
Commodity Derivatives [Member] | Other Current Assets [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0	0
Commodity Derivatives [Member] | Other Current Assets [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	142	188
Commodity Derivatives [Member] | Other Current Assets [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0	16
Commodity Derivatives [Member] | Other Noncurrent Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	9	5
Risk Management Assets, Gross Liabilities	(3)	(1)
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0	0
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	9	5
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0	0
Commodity Derivatives [Member] | Other Current Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	1	1
Risk Management Liabilities, Gross Assets	0	(1)
Commodity Derivatives [Member] | Other Current Liabilities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	1	0
Commodity Derivatives [Member] | Other Current Liabilities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	0	1
Commodity Derivatives [Member] | Other Current Liabilities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	0	0
Commodity Derivatives [Member] | Long-term Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	6	3
Risk Management Liabilities, Gross Assets	(3)	(1)
Commodity Derivatives [Member] | Long-term Liabilities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	0	0
Commodity Derivatives [Member] | Long-term Liabilities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	6	3
Commodity Derivatives [Member] | Long-term Liabilities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	0	0
Foreign Currency Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Net, Current	$ 2	$ 11
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Risk Management Assets, Net, Current	Risk Management Assets, Net, Current
Foreign Currency Derivatives [Member] | Other Current Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	$ 2	$ 11
Risk Management Assets, Gross Liabilities	0	0
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0	0
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	2	11
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	$ 0	$ 0

Fair Value Measurements (Summar

Fair Value Measurements (Summary Of Changes In Level 3 Fair Value Measurements) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Balance, Beginning Balance	$ 16	$ 12
Total Gains (Losses)	$ 14	$ (122)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Purchases, sales and issuances	$ 0	$ 0
Settlements	9	2
Transfers Out of Level 3	(39)	0
Balance, Ending Balance	0	(108)
Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss)	$ 23	$ (120)

Financial Instruments and Ris_3

Financial Instruments and Risk Management (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) Contract $ / $	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Contract $ / $	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	$ 97,000,000	$ 10,000,000	$ 211,000,000	$ (67,000,000)
Unrealized gain (loss) on derivatives	32,000,000	(298,000,000)	(70,000,000)	(123,000,000)
Credit risk, financial instrument, maximum exposure, based on gross fair value basis			153,000,000
Credit risk, financial instrument, maximum exposure, based on net fair value basis	$ 150,000,000		$ 150,000,000
Number of credit risk derivatives held | Contract	0		0
Collateral balances	$ 0		$ 0
Concentration risk, percentage	93%		93%		91%
Guarantor obligations, expiration date			2024-06
Guarantor Obligations, Current Carrying Value	$ 0		$ 0		$ 4,000,000
Revenue [Member]
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	97,000,000	10,000,000	212,000,000	(61,000,000)
Unrealized gain (loss) on derivatives	31,000,000	(292,000,000)	(61,000,000)	(132,000,000)
Currency Swaps Maturing Throughout First Half of 2025[Member]
Derivative [Line Items]
Foreign currency swap, contract amount outstanding	$ 25,000,000		$ 25,000,000
Derivative, average forward exchange rate | $ / $	1.3800		1.3800
Currency Swaps Mature Monthly Throughout 2024 [Member]
Derivative [Line Items]
Foreign currency swap, contract amount outstanding	$ 118,000,000		$ 118,000,000
Derivative, average forward exchange rate | $ / $	1.3697		1.3697
Other Derivative Contracts [Member] | Revenue [Member]
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	$ 0	1,000,000	$ 4,000,000	1,000,000
Unrealized gain (loss) on derivatives	$ 0	$ 0	$ 0	$ 0

Financial Instruments and Ris_4

Financial Instruments and Risk Management (Risk Management Positions) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / bbl $ / Mcf MBbls MMcf	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Other Derivative Contracts, Net	$ 2
Total Fair Value Position	$ 146	$ 212
Oil [Member] | Ethane Fixed Price Maturing 2024 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	5
Term	Dec. 31, 2024
Price Risk Derivatives, at Fair Value, Net	$ 0
Average Price, Options/Collars | $ / bbl	10.28
Oil [Member] | WTI Three-Way Options Maturing 2024 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	50
Term	Dec. 31, 2024
Price Risk Derivatives, at Fair Value, Net	$ 5
Oil [Member] | WTI Three-Way Options Maturing 2024 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	84.35
Oil [Member] | WTI Three-Way Options Maturing 2024 [Member] | Sold [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	50
Oil [Member] | WTI Three-Way Options Maturing 2024 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	65
Oil [Member] | WTI Three-Way Options Maturing 2025 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	37.4
Term	Dec. 31, 2025
Price Risk Derivatives, at Fair Value, Net	$ 34
Oil [Member] | WTI Three-Way Options Maturing 2025 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	83.96
Oil [Member] | WTI Three-Way Options Maturing 2025 [Member] | Sold [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	50
Oil [Member] | WTI Three-Way Options Maturing 2025 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	65
Oil [Member] | Basis Contracts Maturing 2024 [Member]
Derivative [Line Items]
Term	Dec. 31, 2024
Price Risk Derivatives, at Fair Value, Net	$ (1)
Oil and NGLs [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	38
Natural Gas [Member] | Fair Value Position Excluding Unexpired Options [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ 106
Natural Gas [Member] | NYMEX Fixed Price Contracts Maturing 2024 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	200
Term	Dec. 31, 2024
Price Risk Derivatives, at Fair Value, Net	$ 12
Average Price, Options/Collars | $ / Mcf	3.62
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	200
Term	Dec. 31, 2024
Price Risk Derivatives, at Fair Value, Net	$ 4
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	4.58
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 [Member] | Sold [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	2.25
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	3
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 One [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	500
Term	Dec. 31, 2025
Price Risk Derivatives, at Fair Value, Net	$ 4
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 One [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	4.54
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 One [Member] | Sold [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	2.25
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 One [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	3
Natural Gas [Member] | NYMEX Costless Collars Maturing 2024 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	400
Term	Dec. 31, 2024
Price Risk Derivatives, at Fair Value, Net	$ 9
Natural Gas [Member] | NYMEX Costless Collars Maturing 2024 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	5.57
Natural Gas [Member] | NYMEX Costless Collars Maturing 2024 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	3
Natural Gas [Member] | Basis Contracts Maturing 2024 [Member]
Derivative [Line Items]
Term	Dec. 31, 2024
Price Risk Derivatives, at Fair Value, Net	$ 22
Natural Gas [Member] | Basis Contracts Maturing 2025 [Member]
Derivative [Line Items]
Term	Dec. 31, 2025
Price Risk Derivatives, at Fair Value, Net	$ 55
Minimum [Member] | Currency Swap [Member]
Derivative [Line Items]
Term	Dec. 31, 2024
Maximum [Member] | Currency Swap [Member]
Derivative [Line Items]
Term	Dec. 31, 2025

Financial Instruments and Ris_5

Financial Instruments and Risk Management (Earnings Impact of Realized and Unrealized Gains (Losses) On Risk Management Positions) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	$ 97	$ 10	$ 211	$ (67)
Unrealized Gain (Loss) on Derivatives	32	(298)	(70)	(123)
Realized and Unrealized Gain (Loss) on Risk Management	$ 129	$ (288)	$ 141	$ (190)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) from Price Risk Management Activity	Gain (Loss) from Price Risk Management Activity	Gain (Loss) from Price Risk Management Activity	Gain (Loss) from Price Risk Management Activity
Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	$ 97	$ 10	$ 212	$ (61)
Unrealized Gain (Loss) on Derivatives	31	(292)	(61)	(132)
Realized and Unrealized Gain (Loss) on Risk Management	$ 128	$ (282)	$ 151	$ (193)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) from Price Risk Management Activity	Gain (Loss) from Price Risk Management Activity	Gain (Loss) from Price Risk Management Activity	Gain (Loss) from Price Risk Management Activity
Foreign Currency Gain (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	$ 0	$ 0	$ (1)	$ (7)
Unrealized Gain (Loss) on Derivatives	1	(6)	(9)	9
Realized and Unrealized Gain (Loss) on Risk Management	$ 1	$ (6)	$ (10)	$ 2
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) from Price Risk Management Activity	Gain (Loss) from Price Risk Management Activity	Gain (Loss) from Price Risk Management Activity	Gain (Loss) from Price Risk Management Activity
Interest Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	$ 0	$ 0	$ 0	$ 1
Realized and Unrealized Gain (Loss) on Risk Management	$ 0	$ 0	$ 0	$ 1

Financial Instruments and Ris_6

Financial Instruments and Risk Management (Reconciliation of Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Fair Value of Contracts, Beginning of Year			$ 212
Settlement of Other Derivative Contracts			4
Fair Value of Contracts Realized During the Period	$ (97)	$ (10)	(211)	$ 67
Fair Value of Contracts, End of Period	146		146
Unrealized Gain (Loss) on Derivatives	$ 32	$ (298)	(70)	(123)
Commodity Contract [Member]
Derivative [Line Items]
Increase (Decrease) in Derivative Assets and Liabilities			$ 141	$ (190)

Financial Instruments and Ris_7

Financial Instruments and Risk Management (Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Risk Management, Current asset	$ 144	$ 214
Risk Management, Long-term asset	6	4
Risk Management, Total asset	150	218
Risk Management, Current liability	1	0
Risk Management, Long-term liability	3	2
Risk Management, Total liability	4	2
Guarantor Obligations, Current Carrying Value	0	4
Risk Management and Other Derivative Guarantee, at Fair Value, Net	146	212
Accounts Payable and Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Guarantor Obligations, Current Carrying Value	$ 0	$ 4

Supplementary Information (Net

Supplementary Information (Net Change in Non-Cash Working Capital) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Accounts receivable and accrued revenues	$ 68	$ (251)	$ 303	$ 268
Accounts payable and accrued liabilities	(64)	2	(365)	(288)
Current portion of operating lease liabilities	2	(5)	(1)	4
Income tax receivable and payable	19	62	(239)	190
Net change in non-cash working capital	$ 25	$ (192)	$ (302)	$ 174

Supplementary Information (Non-

Supplementary Information (Non-Cash Activity) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Non-Cash Operating Activities
ROU operating lease assets and liabilities	$ (7)	$ (4)	$ (40)	$ (73)
Non-Cash Investing Activities
Property, plant and equipment accruals	(23)	93	(25)	185
Capitalized long-term incentives	0	0	(7)	(2)
Property additions/dispositions, including swaps	5	3	36	25
Non-Cash Financing Activities
Common shares issued in conjunction with the Permian Acquisition (See Note 9)	$ 0	$ 0	$ 0	$ (1,169)

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments [Line Items]
2024	$ 261
2025	893
2026	622
2027	512
2028	457
Thereafter	2,191
Total	4,936
Transportation and Processing Commitments [Member]
Commitments [Line Items]
2024	170
2025	679
2026	606
2027	506
2028	451
Thereafter	2,176
Total	4,588
Drilling and Field Services Commitments [Member]
Commitments [Line Items]
2024	87
2025	201
2026	9
2027	0
2028	0
Thereafter	0
Total	297
Building Leases & Other Commitments [Member]
Commitments [Line Items]
2024	4
2025	13
2026	7
2027	6
2028	6
Thereafter	15
Total	$ 51

Commitments and Contingencies_3

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2024
Loss Contingencies [Line Items]
Net proceeds from disposition of legacy assets		$ 150		$ 150
Proceeds from settlement escrow received	$ 50
Litigation settlement, amounts awarded			$ 150
Scenario Forecast [Member]
Loss Contingencies [Line Items]
Remaining litigation settlement proceeds receivable					$ 100